Reasons for rent increase in the UK 2023
The increased costs of running a rental property was the main but not only reason for the rising rents of residential properties in the United Kingdom (UK) in the second quarter of 2023. About 74 percent of respondents in a survey among UK landlords reported the higher costs as a reason for the increase in rental rates, while 59 percent reported aligning with local market trends as a reason. Tax changes and rising mortgage finance costs were chosen by 45 percent of landlords. Across the UK, rents have increased substantially in 2023.