As the Guardian notes this morning:
Average private rents in Great Britain have soared by more than a quarter since the start of the Covid pandemic and will keep rising, according to an analysis.
As they added:
The typical private rent will end this year 9.5% higher than in December 2022 and then rise a further 6% in 2024 before hitting an “affordability ceiling”, according to the estate and lettings agent Savills.
Overall, rents increased by nearly 6% in the first eight months of the year, its research found, taking total growth since March 2020 when the first Covid lockdown began to 26%.
What is the explanation? It's straightforward. Landlords are selling up because their costs - almost entirely down to borrowing costs - are going through the roof, and all of that is down to the Bank of England and their interest rate rises.
Millions of households are now living closer to destitution because the Bank of England has no idea how to identify the cause of inflation or tackle it in the circumstances in which we found ourselves.
In response, Labour and Tories lend the Bank their total support.
What sort of conspiracy against the people of this country is going on here?
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