The property website Zoopla has revealed that rent prices are rising at the fastest rate since 2008. Across Sheffield, Zoopla indicate that private rent prices have increased by more than 6% compared to the previous year, with the average rent per month at £665.
It’s very worrying to see that rent prices have risen by more than 6% across Sheffield in the last year. This is against a backdrop where the cost of living has risen, pay has been held back and inflation is starting to rise.
Once again, young workers and families will be the hardest hit and will be priced out of the property market. The governments low growth, high tax economy is affecting the young and those starting out in rented accommodation.