StepChange responds to further rise in private rental prices

^{18 October 2023}

StepChange Debt Charity has responded to the latest Index of Private Housing Rental Prices from the ONS, released today, which reveals that private rental prices paid by tenants in the UK rose by 5.7% in the 12 months to September 2023, up from 5.6% in August. In London, the annual percentage change in private rental prices was at its highest rate since records began.

Richard Lane, Director of External Affairs at StepChange Debt Charity, said:

“Private renters can find little respite from financial pressures as rents continue to reach record highs across the UK. Recent StepChange research found that tenants in the Private Rented Sector (PRS) are struggling to keep their heads above water when it comes to meeting financial commitments, with more than one in three (38%) using credit in order to afford rent, compared to one fifth (20%) of people with a mortgage.

“Amidst a backdrop of staggeringly high rent prices in the PRS, tenants are afforded little statutory protection from eviction, particularly if they do fall into financial difficulty. We’re yet to see any progress on the long-awaited Renters (Reform) Bill which was introduced to Parliament several months ago. We would urge the government to follow through on its commitment to reform the PRS, and as part of those reforms, go further in protecting the most financially vulnerable tenants, who consistently struggle to make ends meet as the price of renting privately becomes increasingly unaffordable.”