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Rents cool as cost of living crisis brings record squeeze for tenants

“Rental growth is slowing as affordability pressures bite,” mentioned Ms Beveridge.

It is already on a downward trajectory. Rental progress in February slowed for the sixth consecutive month, down from a peak of 8.7pc in July 2021. However, this was nonetheless the quickest tempo of progress recorded since Hamptons’ index started.

In the South East and inside London, the place rents rose quick throughout the pandemic and the place costs had been already unaffordable, progress has already slowed to 1.5pc and a pair of.9pc respectively.

In the North and Midlands, areas which can be much less constrained by affordability, rental progress remains to be accelerating, with common progress of 9.6pc and 9.5pc.

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