StepChange responds to record rise in private rents
23 July 2024
Figures out today from Rightmove show that rents have hit a new record outside of London, standing at an average of £1,314, up 7% on last year.
Richard Lane, Chief Client Officer at StepChange, said:
"These figures show that the private rented sector is not working as it should for millions of tenants. We need the new Government to act quickly to bring in reforms that strengthen protections for those who are struggling. It was encouraging to see a new Renters' Rights Bill introduced in last week's King's Speech, as the majority of people we see seeking help with problem debt live in the PRS, so it's a sector that desperately needs reform.
"Our research shows that many tenants' financial situations are becoming increasingly precarious - one in three (31%) private renters has used credit to afford their rent in the past year, while one in two (50%) private renters is finding it difficult to keep up with bills and credit commitments. To protect renters from eviction when they fall on hard times, we need to ensure that financial difficulties don't leave tenants at risk of losing their homes. That is why we welcome the new Government's commitment to ending Section 21 'no fault' evictions, but reforms to grounds for possession need to have security of tenure at their heart, avoiding loopholes that could lead to backdoor evictions.
"For those facing rental arrears or financial difficulty, there is specialist support out there for you. A debt advice charity like StepChange can work through your budget and assess where you can make savings to pay towards your rent, which is considered a priority debt."
Notes to Editors
- All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,116 UK adults, of which 310 rent from a private landlord. Fieldwork was undertaken between 8th – 9th May 2024. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).