The property market has been hit hard over the last few years as a result of the coronavirus pandemic, the cost of living crisis and most recently the impact of interest rates rises. House prices have continued to rise across the UK and many homeowners have recently seen an increase in their monthly mortgage repayments as a result of higher interest rates.
But it is not only homeowners who have been impacted recently, as tenants in the UK have also seen their rent costs rise as a result of high demand and a lack of supply.
According to Zoopla, the rental market continues to face a 'chronic imbalance' between supply and demand, with demand pressures being worsened by rising mortgage rates making it harder for first time buyers to get on the property ladder, leaving more people with no choice but to rent.
