, the situations tenants face are “very variable”, says Richard Donnell, executive director at Zoopla. “It probably is an element of luck. Ultimately, it comes down to who your landlord is,” he added.
The 25-year-old hospitality worker moved into the property in 2021, and the rent was £500 each. It has since risen to £520, but with one of the tenants due to move out in the coming months, the landlord has told them they want to up the price by more than a third, to £700 per month. Ms Sheldon says the landlord’s argument for the rise was that the new price was simply the going rate.
“But at the same time most landlords don’t want to pay out of their own pocket for their mortgage. Those who have a high ratio loan to value are maybe going to be the ones that put rents up the most,” he said.mortgage rates currently are 4.33 per cent on a five-year fix 60 per cent LTV mortgage, whereas a year ago, a rate of 2.34 per cent on the same type of product was available. Back in the summer of 2021, there were dozens of sub 2 per cent rates on the market.