Lisa Haseldine Lisa Haseldine

Landlords are exploiting generation rent

Credit: Getty images

As interest rates hit nearly 2 per cent and inflation tops 9 per cent, many Brits are feeling the pinch. But once again it seems that generation rent is worst off. Last month, my landlord hiked my rent by £450, or nearly 30 per cent. I’m far from alone: rents across the UK have gone up by as much as 17 per cent.

Renters in the UK have been overlooked since the cost of living crisis began to grip the country earlier this year. With inflation soaring and the cost of energy, water, food, petrol and other essentials also rocketing, life is suddenly, alarmingly, getting more expensive. The Bank of England’s decision to raise interest rates has got homeowners in a flap, with many understandably concerned about the impact this will have on their mortgage repayments.

But what about those who, like me, don’t own their own homes and remain at the mercy of their landlords? Every year, the summer marks the start of rental musical chairs: it’s when graduates move to London ahead of starting new jobs in the Autumn. As a result, rental contracts typically come up for renewal between July and September. Competition for flats is always fierce, but this year the challenge of finding somewhere affordable to live feels particularly acute.

On cue with the cost-of-living crisis, rental prices began to shoot up. Frequently the increases, as in the case of my own flat, seem quite arbitrary: the quality of flats has hardly gone up in tandem. My flat has maintenance issues that the landlord has been promising to fix for approaching twelve months – somehow, I don’t think receiving more of my hard-earned cash is going to get him to pull his finger out.

The blatant profiteering in the rental market, driven by landlords taking advantage of the economic environment, must be curbed

Perhaps I’m one of the lucky ones.

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