Annual rent paid by tenants in UK set to hit £63 billion by 2nd half of 2022 according to research by Hamptons - double the amount paid in 2008

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Estate and letting agents Hamptons have published research showing the almost exponential growth in the level of rents paid nationally by tenants in Great Britain which in the first half of 2022 amounted to £31 billion and and is set to hit £63 billion by the end of the second half of the year. The firm the rise in rents paid stems from "record breaking rents which have been driven by a lack of homes on the market alongside investors passing on higher running costs to tenants."

The point is made that the amount paid is double that paid in 2008 and that despite there being 250,000 fewer renters in 2022 than in 2017, rents paid in 2022 are £750 million higher than in 2017. Hamptons also suggest that it is so called "Generation Z" (born between 1997 and 2012) that are now paying the largest proportion of rent as they "fly the nest" and that the number of homes for rent on the market is down 54% on the numbers recorded as available in June 2019.

Other research of interest in terms of the amount paid in rent in the UK comes from an Institute for Fiscal Studies report in 2019 stating that the total housing benefit bill for the UK at that time amounted to £22 billion and that this huge amount was a sign of "something deeply wrong" in the UK rental market suggesting that the main drivers were the rapid expansion of the private rented sector in the country as well as increased social sector rents caused by a decrease in available properties in the social sector.

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