Cost of privately renting in Ipswich up by nine percent

Private rents increased by nine per cent in the town according to ONS figures. 

It comes amid a national rise that Dan Wilson Craw, deputy chief executive of tenant group Generation Rent, has described as being symptomatic of an "out of control market" with rents rising faster than wages. 

This was a rise of 8.7 percent from the average rent of £833 per month in September 2023, a higher figure than the 7.9 percent increase across the East of England.

Rents for flats or maisonettes rose by 8.9 percent compared to 8.3 percent for detached properties.

The average rent for one bed properties rose by 9.4 percent compared to 6.4 percent for properties with four or more bedrooms. 

According to figures from the Price Index of Private Rents from the Office for National Statistics the private rental price annual inflation was usually slightly higher in Ipswich compared to the figures for the East of England, England, and Great Britain from 2016 to September 2020.

After low levels of price inflation in late 2020 and throughout 2021 prices rocketed up in early 2022 peaking with a 14.1 percent increase in May before falling over the summer.

Jack Abbott, MP for Ipswich, said: “Everyone deserves safe and affordable housing, without exception. The Government is committed to ensuring this is the case, and the recently introduced Renters’ Rights Bill - the biggest overhaul of the rental market since the 1980s - will help us do so.

Ipswich MP Jack Abbott reacted to the rise in rental prices. (Image: Roger Harris/House of Commons)

“The Renters’ Rights Bill protects renters from exploitative rent rises and rental bidding, empowering renters to challenge landlords who use rent hikes as de facto eviction notices.

“The Bill ensures that any rent increases can only happen once a year and are capped at market rate. It empowers tenants to challenge increases where they do not meet these strict criteria.

“Alongside the important point of affordability, it also promotes more straightforward regulation of private rental properties, ensuring higher standards across the board.

“From the introduction of Awaab’s Law to the private sector to the empowerment of local authorities and a new ombudsman service to enforce these higher standards, this is a huge step in the right direction."

Jools Ramsey-Palmer of ihag. (Image: Archant)

Jools Ramsey-Palmer chief executive officer at Ipswich Housing Action Group (ihAg) described the increase in rent as “deeply troubling" and said that it was pushing more people into poverty and homelessness.

She said: "Figures in 2021/22 showed that 79% of the town’s rental property stock was privately owned, whilst 2023 statistics showed the average annual salary in Ipswich was below the national average (2023: median salary £39.7k in Ipswich compared to £42.2k in England) contributing to a higher percentage of income being spent on household costs, edging more households towards poverty.

"At ihAg, we have seen an increase in people who are working fulltime coming to us for support, as they are unable to find a safe and affordable space to call home."

Clare Norton, office manager at The Rents, a lettings and property management agency, said that the lack of affordable housing was driving up rental prices.

She said: "The short answer to this is there is just not enough affordable housing out there for everyone, too much demand and not enough supply. 

"Tenants and prospective tenants have been struggling with the rise of living cost crisis so along with trying to find an affordable home they have other heavy financial burdens to carry." 

Ipswich Borough Council were contacted for comment.