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UK renters endure 3% housing inflation, overtaking mortgage-holding households

Posted on November 29, 2024 |

UK renters faced the highest inflation rate, with household costs rising 3% in the year to September, surpassing the 2.6% increase for homeowners with mortgages.

For the first time since 2022, renters experienced higher inflation than mortgage holders.

Rent inflation was higher than other groups, with homeowners who own their property outright seeing a 1% rise, retirees facing a 1.1% increase, and all households seeing a 2% rise.

Private rents increased 8.7% in the 12 months to October, up from 8.4% in the previous year, marking the biggest jump since April.

Renters' household cost inflation was above the overall 1.7% consumer price inflation for September.

Rising service prices affected wealthier households more, influencing the headline inflation rate, which includes the average cost of goods and services.

Richer households saw inflation of 2.5%, while poorer households faced 1.4%, due to their greater exposure to changing energy prices.