In 2023, it’s no secret that inflation continues to exert global impacts. Some of the driving factors behind this phenomenon include the previous shutdowns inspired by COVID, along with the ongoing war in Ukraine.
Nevertheless, regardless of inflation’s underlying reasons, folks around the world continue struggling with the adverse consequences.
Right now, some of those folks are residents of Britain. In the United Kingdom, costs of rent continue to rise. Unfortunately, wages are not following suit, leaving many British folks in a tight bind.
A closer look at rising rents in the United Kingdom
According to the Office for National Statistics, there’s been a 5.3% average uptick (from July 2022 to July 2023) in what British residents pay for rent.
Over the same period of time, the British inflation rate fell to 6.8%. However, this is still several points above the 2% rate favored by the Bank of England.
On top of inflation, folks in the United Kingdom must also contend with major discrepancies between supply and demand. So far, for every piece of available property, there are approximately 20 Brits looking to acquire it.