Thousands of UK households have missed or defaulted on a rent payments over the past 12 months.

Missed housing payments were particularly high among renters, said Bluestone Mortgages, the firm that issued the figures, affecting one in 20 tenants surveyed.

Private renters’ finances are under more pressure, with rents continuing to rise on the back of higher demand from renters.

The number of enquiries each property is receiving from would-be tenants is now 17, according to Rightmove.

New data from the property portal this week revealed that average advertised rents outside of London rose to a new quarterly record of £1,314 per calendar month (pcm), 7% higher than last year (£1,231pcm)

London rents have also risen to a new record of £2,661pcm, now 4% higher than last year (£2,567pcm), with rent growth steadily slowing since the peak of 16% in 2022

The research from Bluestone Mortgages finds that the cost of living crisis continues to put a strain on household and personal finances. Nearly one in four (24%) UK adults – equating to over 5 million people, have missed one or more payments in the last 12 months, up from 18% in 20233. Nearly two thirds (64%) of those with missed payments cited the cost of living crisis as the main reason.

Utility bills were cited as the top missed payment, with 10% missing one or more payments, closely followed by missed credit card payments (9%). These figures increase significantly for those with adverse credit. Seven in 10 who missed a payment in the last year said this impacted their ability to access financial services.

Top five missed payments

Ryan Davies, strategy director, Bluestone Mortgages, commented: “Missed payments are no longer isolated events and are becoming part and parcel of people’s everyday lives as the squeeze on household and personal finances continues to take its toll.

“As a result, we expect to see a growing number of customers with adverse credit looking for financial support.”