Chaos in the mortgage market isn’t just affecting homeowners – if you’re renting, it could well have a knock-on effect.
by £115 per month to £1,051 with renters now spending on average over a third of their income as a single earner.”
Though this rise, he says, “isn’t entirely attributable to landlords increasing rents as their own mortgage costs rise, this will play an increasing factor as we go into 2023 and landlords re-mortgage with rates near 6%”.If mortgage increases are passed on to tenants, already pressurised household budgets will be stretched even further, says Dr Alison Briggs, research associate in human geography at the University of Manchester’s School of Education, Environment and Development.
Another potential consequence is landlords choosing to sell up in the face of mortgage hikes.
Still, this would take a while, and in the short term, for renters looking to buy, the net costs of acquiring a property are going up significantly and more resources are being consumed by paying increased rents, Briggs says, which inevitably “limits renters’ capacity to enter the property market” .Either way, it’s certainly a stressful time to be a tenant, so it’s more important than ever to be aware of your rights as a renter.
During the fixed term of your tenancy agreement, your landlord can’t increase your rent unless there is a rent review clause allowing for this. This clause will lay out when and how the increase will be made, so check through your contract carefully, and if you have any concerns, you can contact
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