Half of Britons could default on their residential rents in 2023

Half of Britons could default on their residential rents in 2023
Half of Britons could default on their residential rents in 2023

A report conducted by Market Financial Solutions on an independent survey, which included about 2,000 tenants in the country, stated that about 58 percent of the tenants confirmed the increase in the cost of renting residential units, while the survey showed that about 49 percent of the tenants were concerned about their inability to afford the cost. Rentals next year.

About 48 percent of landlords said that they are forced to increase rent prices due to higher interest rates, which leads to an increase in mortgage payments.

However, the survey showed that 56 percent of landlords would allow flexibility in receiving payments from tenants, due to the cost of living crisis.

The report showed that about 35 percent of landlords decided to freeze rents in 2022 due to pressures on individuals’ financial resources.

Among renters, the vast majority, at 77 per cent, said more needed to be done to control UK rental prices.

The CEO of Market Financial Solutions, Paresh Raja, said that the current year was full of challenges, as interest rates rose strongly, and inflation rose to 11.1 percent.

He added that the new research shows that the economic turmoil in Britain is forcing landlords to raise rents, and millions are worried that they will not be able to afford rents next year.

He explained that the majority of landlords feel sympathy with the tenants due to the crisis of the high cost of living.


The article is in Arabic

Tags: Britons default residential rents