Arrears are the big fear for 2023 – downbeat survey results

Arrears are the big fear for 2023 – downbeat survey results


Todays other news
Average UK monthly private rents increased by 7.7% in the...
Inflation slowed to 2.6% in the year to March says...
Renters’ budgets remain strong while rent levels are holding firm...
The claim comes from a company called COHO...
The trade body has its say on government welfare changes...


The downbeat results of a survey by a finance company suggest that half of tenants are worried that they will be unable to afford their rent next year.

The study involved 2,000 UK adults – all tenants or landlords – and revealed that 58 per cent of tenants have seen their rent increased in 2022 and 49 per cent are worried that they will not be able to pay rent in 2023.

Some 48 per cent of landlords have had to increase rents due to rising interest rates and higher mortgage repayments but 56 per cent would allow flexibility on rental payments in the midst of the cost-of-living crisis. Unsurprisingly, perhaps 77 per cent of tenants say that more needs to be done to control rental prices in the UK

Paresh Raja – chief executive of MFS, which commissioned the survey – says: “It’s been a frenetic, challenging year, in which the base rate has risen by 2.9 per cent and inflation has hit 11.1 per cent. 

“Our new research shows that this economic turbulence has forced landlords to hike rents, and millions of people are worried if they will be able to afford rent next year. These are stark findings. However, our research also shows that the majority of landlords are sympathetic about the cost-of-living crisis; many have chosen to freeze rents, while most are willing to be flexible when it comes to payments.

“It seems clear that honest, frank conversations are needed to ensure renters are not subsumed by rising prices and landlords can afford to repay debt. Inflation and interest rates hurt different people in different ways – and while 2023 offers hope that both pressures will ease, we must ensure there is support for those who are struggling financially in the current climate.”

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Letting Agent Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
Some 51% of tenants aged 18 to 34 are dealing...
This was for 2024, when TPFG acquired the Belvoir and...
President Donald Trump’s tariffs may have a silver lining after...
The UK Finance figures are broadly positive for the rental...
The BoE has come to a decision on interest rates...
The removal of temporary rent controls may make buy-to-let more...
The Welsh Government is backing the call for a 'compensation'...
Recommended for you
Latest Features
Average UK monthly private rents increased by 7.7% in the...
Inflation slowed to 2.6% in the year to March says...
Renters’ budgets remain strong while rent levels are holding firm...
Sponsored Content
With less than a month to go until the UK...
The UK government has implemented 16 financial sanctions rule changes...
The owners of the Rentman software application (for property Lettings...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here