The cost of renting a home increased by a staggering 30 per cent from mid-2021 to the start of this year, while wages rose by 17 per cent in the same period. Compare that with the record of the preceding decade, when rents rose by 26 per cent, just 1 per cent less than the increase in wages.
According to analysis by Capital Economics, rents in the 2021-24 period climbed 11 per cent higher than they would otherwise have done thanks to the unprecedented levels of immigration over which this government has presided. Andrew Wishart, who runs the housing service at Capital Economics, said: “This means rents are 11 per cent higher than would be explained by the usual relationship between pay and rent. The vast majority of that is because of higher net migration.”
