Tenants in parts of the UK are concerned about their rents rising in 2018 with those living in London and Scotland most worried about, new research shows.
Some 52% of those living in London and 55% of those in Scotland expect their rents to increase and more than a third in all other English regions are also expecting rents to rise. In London 9% expect rents to go up a lot.
Overall, 42% of tenants in all regions said they would not be able to afford any increase in monthly rental repayments, compared to just 11% of mortgage holders.
‘It is not uncommon to feel anxious or concerned about finances when heading into a new year. The fact that so many renters are concerned about their finances if their rental payments were to increase shows that it is now more important than ever for them to stay in control of their finances,’ said Lisa Hardstaff, credit information expert at Equifax.
The concern is, however, not just limited to renters. Nearly a third of all individuals said that they are concerned about being able to afford all of their financial commitments, including rent, mortgage payments and utility bills, over the next year.
Indeed, 42% of renters in the South of England said that they would not be able to afford any increases in monthly rent payments, followed by 37% of London renters and 35% of renters in the North.