No end in sight for UK rent rises as London breaks all-time record

Posted on Thursday, July 6, 2023

June saw average rental prices increase across the UK in all but one region according to the latest data released by HomeLet, with the capital once again hitting an all-time high. 

Average UK rents now stand at £1,229 per calendar month following a 1.3% rise in June, with Greater London seeing a massive 1.9% jump on the month to an all-time high of £2,077 PCM.

When London is excluded, Average rents across the UK stand at £1,027 PCM - an increase of 1.1%.

Scotland saw the highest monthly increase with rental averages rising by 5.5% monthly, the highest out of any region, leading to the highest-ever average price recorded in Scotland.

The North East was the only region to see a fall in rental costs, slipping a further 1.1% and becoming the cheapest place in the UK to rent at £625 PCM.

Andy Halstead,?HomeLet?& Let Alliance Chief Executive Officer,?said:?

“With another increase and UK prices now averaging at £1,229, it is clear that there is a continued risk for tenants and landlords alike, with a very real likelihood that tenants up and down the country might struggle with paying their rent. We again urge landlords to consider rent guarantee insurance to protect themselves, if they have not invested already.

“Scotland in particular has seen a soar in the rental market, with a 5.5% monthly swing showcasing an all-time high average rental price of £940.

“The capital shows no signs of slowing down either, with yet another record price recorded in Greater London. It is not so long ago that we were talking about London breaking the £2,000 PCM barrier for the very first time – a big leap to £2,077 PCM is a sign of how a lack of available rental properties is pushing prices up for tenants and making the private rental market more unstable for tenants and landlords alike.”

Via @PropertyReporter