London rents hit highest ever monthly average

Posted on Monday, June 5, 2023

Average UK rental prices have now hit £1,213 - up 1.2% from last month’s average of £1,199 PCM, according to the latest rental index data released by HomeLet. 

HomeLet's latest data has revealed that average rental costs across the UK are continuing the upward trajectory with a further 1.2% rise when compared to last month. Excluding London, the average price of rent in the UK is £1,016 PCM, up 1% from the previous month and up 9.5% from the previous year.

Scotland saw the highest monthly increase in the UK with rental averages rising by 2.6% monthly.

The UK’s cheapest rental area, the Northeast, saw another dip, dropping 2.0% MoM to £632 PCM.

Andy Halstead,?HomeLet?& Let Alliance Chief Executive Officer,?said: “Rental prices remain high, which brings a level of risk for both tenants and landlords. We are again urging landlords to consider Rent Guarantee insurance as the likelihood of tenants struggling to pay their rent grows with each passing month.

“The London rental market in particular shows no signs of slowing down – there have only been a handful of occasions on which the monthly average has been recorded above £2,000 PCM, with this month’s average of £2,039 PCM going down as the highest ever recorded.

“The fact that the London market is rising in terms of average price while the cheapest area in the country (North-East of England) is falling shows that the level of demand somewhat depends on location, but as a broad rule, there is a shortage of rental properties to meet demand, with many prospective tenants facing a real battle to secure a property. This frenzied market is likely to see prices continue to rise in the coming months.”

Via @PropertyReporter