Question to the Department for Levelling Up, Housing & Communities:

To ask His Majesty's Government what assessment they have made of figures released by the Office for National Statistics showing an average increase of 9.2 per cent in monthly rental costs in the UK in the 12 months to March; and what steps they are taking to mitigate any negative effects on (1) landlords, and (2) tenants.

The Government recognises the cost-of-living pressures that tenants are facing, and that paying rent is likely to be a tenant’s biggest monthly expense. To help households with these cost-of-living pressures the government will provide support worth a total of £108 billion between 2022 and 2025– an average of £3,800 per UK household.

Individuals who need help to make their rent payments may be eligible for a range of financial support through the welfare system. The Government is investing £1.2 billion restoring Local Housing Allowance (LHA) rates to the 30th percentile of local market rents. This significant investment will mean 1.6 million low-income households will gain, on average, nearly £800 per year in additional help towards their rental costs in 2024/25. For those who face a shortfall in meeting their housing costs and need more support, Discretionary Housing Payments and Household Support Fund grants are also available from local authorities.

Housebuilding is a priority for this Government to help create a more sustainable and affordable housing market over the long term.

The pricing of mortgages is a commercial decision for lenders in which the government does not intervene. Ultimately, the path to lower interest rates is though low inflation, which is why the Government is fully committed to supporting the Bank of England to get inflation back down to the 2% target, and our plan is working.