Rents rising again after New Year pause

Posted on Friday, April 14, 2023

The latest HomeLet rental index shows that UK average rental prices are continuing to rise after a previous drop in prices at the beginning of the year.

The headlines from this month’s report are that the average rent in the UK is now £1,184 per calendar month, increasing 0.8 per cent from last month’s average of £1,175 pcm.

When London is excluded, the average rent in the UK is £993 pcm, up 1.0 per cent from the previous month. The North East saw the largest monthly variance, experiencing a 1.6 per cent increase from last month, with average rents rising to £639 pcm.

London rental prices slowly start to rise again after experiencing a drop in previous months, with average rental prices hitting £1,979 pcm, some 0.2 per cent above the previous month.

Commenting on the latest data, Andy Halstead - HomeLet & Let Alliance chief executive - says: “With every region of the country reporting a month-on-month rental price rise, it’s fair to say that demand for rental properties remains exceptionally high. It had been interesting to observe a few months of decreased prices in London, but the capital appears to have recovered from a slight dip, in line with rises across the country.

“Given the insufficient housing stock and continued rising rents, rent guarantee becomes ever more essential for landlords and letting agents. As a group with rent guarantees protecting £1.5 billion in annual rents, we are acutely aware of how important it is for landlords to be protected should their tenants be unable to pay their rent.

“The lack of available properties means that the market is likely to continue to be very competitive, so landlords must remain vigilant, and tenants should be aware that finding a suitable property is proving to be a tricky task for many.” 

Via @LettingAgentToday