Cigarettes, cars and uni fees – the only things to outstrip rental growth this Millennium
Rental price growth has outstripped many of life’s day-to-day costs, like bread, eggs and fuel, research from online letting agent Howsy has revealed.
The cost of renting a property in England has increased from an average price of £344 in the year 2000 to £858 in 2019, a 150% increase in just shy of 20 years.
In comparison, the cost of milk has risen by just 29% to 44p per pint over the same time period.
Similarly, eggs per dozen are 42% more expensive, fuel per litre has risen by 59% to £1.27, while McDonald’s Big Macs have risen by 63% to £3.09.
The average price of draught beer per pint has increased by 82% to £3.64.
Bread (per white loaf sliced) has seen a significant price increase of 104% to £1.06, though it’s still less of a hike than with the private rental sector.
Cigarettes and cars outstrip rental growth
While the cost of renting has risen significantly, it’s still been hiked by a lower percentage than cigarettes. A pack of 20 is now 162% more expensive than in 2000, costing £10.23, up from £3.91.
Buying a brand new car is now 163% more pricey, rising from £12,780 in 2000 in £33,559 in 2019.
Trumping all these costs is university tuition fees per year, which thanks to government measures are 825% more expensive than in 2000, rising from £1,000 to £9,250.
Founder and CEO of Howsy, Calum Brannan, commented:
“It will come as little surprise that rents have risen at a faster rate than many of life’s other essential outgoing costs since the turn of the Millennium.
“This is largely due to the ever-increasing levels of tenant demand within the sector and a stagnant level of homes to accommodate this demand, which has resulted in a substantial hike in the cost of renting.
As a result, people are now spending a greater proportion of their income on rent when compared to other essentials like food or fuel. If you rent, smoke, went to university and need a car, then you’re really up against it financially.”
|
Item
|
Average price 2000
|
Current average price
|
Change (2000 to 2019) (%)
|
Sources
|
||
|
Uni tuition fees (upper limit per year)
|
£1,000
|
£9,250
|
825%
|
|||
|
New Car
|
£12,780
|
£33,559
|
163%
|
|||
|
Cigarettes (20)
|
£3.91
|
£10.23
|
162%
|
|||
|
Private Rent per month (England)
|
£344
|
£858
|
150%
|
|||
|
Bread (white loaf sliced)
|
£0.52
|
£1.06
|
104%
|
|||
|
Draught beer per pint
|
£2.00
|
£3.64
|
82%
|
|||
|
Cinema ticket
|
£4.40
|
£7.22
|
64%
|
|||
|
McDonald’s Big Mac
|
£1.90
|
£3.09
|
63%
|
|||
|
Sausages (pork per kg)
|
£3.07
|
£4.96
|
62%
|
|||
|
Fuel per litre (unleaded petrol)
|
£0.80
|
£1.27
|
59%
|
|||
|
Cheese cheddar type per kg
|
£5.05
|
£7.28
|
44%
|
|||
|
Eggs per dozen
|
£1.38
|
£1.96
|
42%
|
|||
|
Milk (per pint)
|
£0.34
|
£0.44
|
29%
|
|||
You May Also Enjoy
Bank of England’s rate hold
54,000 properties hit market during back to school rush
69% of homebuyers would compromise on their property
The UK towns boasting +80% house price growth amid nationwide drop
London remains destination of choice for international property wealth
