Relentless house price hikes spell gloom for renters under financial pressure

Property ladder hoisted over the heads of renters already paying over the odds as average home comes in at more than £350,000

(PA)

A third record house price increase means renting is now the lifelong norm for a growing proportion of UK tenants, experts have warned this week, as the cost of an average home reaches £354,564.

The data, from Rightmove, shows price hikes continue to dramatically outpace salary rises, with increasing inflation eating away at disposable income and deposit savings.

“For renters already dedicating a far higher proportion of their monthly income to housing than average mortgage holders, seeing house prices continue to rise and stock disappear, all while the cost of living soars, will be a real kick in the teeth,” says Gary Wright, co-CEO of payment technology firm flatfair.