Millions 'putting their lives on hold' as UK sees record rent rises

Millions of people across the UK are said to be delaying major life decisions because of uncertainty in the property market, a poll has found. Around 14 million people admitted that insecure housing has led them to 'put their lives on hold' and sacrifice things such as starting a family or buying a house.

The poll, carried out on behalf of housing association Hyde Group, comes as figures from the ONS published on Wednesday (January 17) showed private rents in England rose by 6.1 percent in 2023, making last year the steepest on record for rent rises.

Wales saw the biggest annual increase in rents, with prices rising 7.1 percent over the year to December, down only slightly from the 7.3 percent rise in rents in the year to November. In Scotland, rents rose by 6.2 percent across 2023.

READ MORE: What the 'surprise' rise in inflation could mean for your mortgage

Try MEN Premium now for FREE... just click here to give it a go

Andy Hulme, chief executive of the Hyde Group, said: “When more than four in 10 adults aged under 35 are telling us they are putting off starting a family because they aren’t sure where they can live, the main political parties have to start listening.

“Millions of people across the nation are putting their lives on hold because they are trapped by our national housing crisis which we’ve failed to tackle for decades.”

He added: “Not only is setting out a clear plan to build more and invest in affordable and social housing the right thing to do, but this polling shows it’s a vote winner too.”

The poll found 53 percent of voters said they were more likely to back a party that promised to invest more money in affordable and social housing, with the figure rising to 61% of adults under 35.

Wednesday