RENTS are rocketing at a record pace as tenants are hit on all sides, figures show.
Around 4.6 million households privately rent and the average monthly bill jumped by 5.5 per cent in August.
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It is the highest rate since the Office for National Statistics started gathering data in 2016.
Property experts blame a shortage of available flats and houses for driving costs higher as landlords cash in on the lack of competition.
And they are also passing on their own higher mortgage costs after interest rates have been hiked and buy-to-let properties are subjected to higher taxes.
The rise in rents comes despite house prices falling.
Wales had the fastest increases in the UK — shooting up by 6.5 per cent in August, beating even London’s 5.8 per cent jump.
Across Britain, the average rent sucks up a quarter of people’s income — but that hits 30 per cent in the capital.
It comes just days after estate agent Hamptons revealed London rents were now hitting an average £2,332 a month after prices hit fresh highs.
The rental crisis shows no sign of relenting and the Government has delayed its renters’ reform bill, which would end “no-fault evictions”.
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The ONS expects bills for tenants to keep going up for the next three months.
Rocketing bills are now pricing out Brits from being able to afford rent privately, meaning more are turning to councils for affordable accommodation.
In the first quarter of this year the number of households registered as homeless as a result of their landlords hiking what they charge jumped by more than a quarter compared to the previous year.
The number of tenants being evicted, despite them not breaching tenancy contracts, also soared — by 41 per cent.
Evictions were banned during the pandemic, when people were told to stay at home during lockdowns.
But they have been reintroduced just as the cost-of-living crisis bites.
Cazoo’s brakes on debt
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ONLINE car marketplace Cazoo is now in the hands of its lenders after a £500million debt restructuring.
The business, which used to be the kit sponsor for Premier League football clubs Everton and Aston Villa, has struck a debt-for-equity swap with its bondholders just two years after listing in the US during the brief fad for special purpose vehicles.
Cazoo, which was founded and run by the Zoopla entrepreneur Alex Chesterman, said the reduction of its debt would be “beneficial to the company’s future”.
Mr Chesterton, who is remaining with the business, said the deal would strengthen Cazoo.
It competes with rival online car seller Cinch and he said the restructuring would help with efforts to raise cash.
Cazoo, which was valued at $7billion (£5.6billion) in 2021 when it raised $1billion (£800million) from investors, has crashed to be worth just $30.6million (£24million).
Pension question at Wilko
THE former boss of Wilko faces calls for a parliamentary grilling over the collapsed retailer’s pension black hole.
Nadine Houghton, of the GMB union, said Lisa Wilkinson — the granddaughter of Wilko’s founder — should face questions from MPs.
Wilko’s collapse means the retailer’s huge pension deficit will be transferred to the Pension Protection Fund.
Schemes in the lifeboat tend to result in a 10 per cent haircut for former workers’ payouts.
Ms Houghton, whose union represents Wilko workers, said: “She must explain why there is a £56million hole in the pension pot and what she will do to plug it, given she and her family extracted £77million during the past ten years.”
Ms Wilkinson has defended her family’s dividends.
Ten-pin’s a hit for days out
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TEN-pin bowling chain Ten Entertainment has cheered a jump in profits as families look for low-cost fun.
The bowling lane operator said profits had risen by 0.6 per cent to £15.8million — after total sales grew by 3.3 per cent to £65.3million.
Shares rose in early trading yesterday as a result of the boost.
Boss Graham Blackwell said the chain would now add to its existing 51 sites and hunt for high street locations left vacant by fallen retailers.
Mr Blackwell said the group’s decision not to pass on rising costs to customers had helped keep people coming through its doors.
He added: “Our interactions with customers tell us that they really see it as a great day out for everyone at a great price.”
Ten has kept prices at 2019 levels. It said: “Sales growth continues to be delivered through increased footfall rather than through price.”
Dragon a slayer
CAR dealership Pendragon delivered another twist in its long-running takeover saga after revealing its major shareholder, Hedin Group, had attempted to thwart a deal.
Earlier this week, Pendragon announced a £250million deal to sell its UK showrooms to US rival Lithia.
But yesterday it rejected a 28p-a-share gatecrashing attempt from Hedin Group which would have valued it at £390million.
Pendragon said it was “excited about its future prospects” with Lithia.
Full of fun-elm
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DUNELM is in-tent on ensuring struggling Brits keep having fun.
Chief executive Nick Wilkinson said: “After the few years we’ve just had, people still want to have a laugh and we offer good value and items that bring joy.”
The retailer reported record sales of £1.64billion as they grew by 5.5 per cent in the past year.
But higher costs cut profits by 7.8 per cent to £192.7million.
Dunelm, which started out selling curtains at a Liverpool market, has 180 stores and has items including garden tents, room-sized rugs and cleaning products.
Mr Wilkinson told The Sun that it would look at former WILKO stores for new openings.
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Shares
BARCLAYS – up 0.36 to 159.58
BP – down 1.40 to 523.40
CENTRICA – up 2.95 to 169.55
HSBC- up 2.70 to 633.40
LLOYDS- up 1.66 to 44.56
MARKS & SPENCER – up 2.60 to 231.10
NATWEST – up 9.30 to 241.40
ROYAL MAIL – up 7.00 to 265.70
SAINSBURY’S – up 1.40 to 276.90
SHELL – down 18.50 to 2,594.50
TESCO – down 2.60 to 270.50
