Cigarettes, cars and uni fees – the only things to outstrip rental growth this Millennium

November 3, 2019

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%

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