Rent ‘madness’ continues as prices rise in every region

The latest data reveals that rents have risen in every region of the UK with the average price now at £1,243 in July – that’s up 10.3% in a year and 1.1% from June.

The figures from Homelet also reveal that rents outside of London are now £1,037.

But tenants in the capital are facing a hefty rent bill of £2,109 per month for a new tenancy.

The highest annual rent rises were seen in Scotland with 15.8%, and tenants there are now paying £973 on average.

However, tenants in the North East enjoy the cheapest rents at £636.

‘Average rental price has now hit an astonishing £1,243’

HomeLet’s chief executive, Andy Halstead, said: “July’s average rental price has now hit an astonishing £1,243, the highest average yet.

“This all-time high paired with every region of the UK seeing a month-on-month price rise is a concern for both tenants and landlords.

“We’re edging closer and closer to a situation in which a large portion of potential tenants are simply unable to live, which is a dangerous situation for the market to be in.”

‘Does not equate to all time high margins for landlords either’

Mr Halstead continued: “It is worth saying that extreme rental prices does not equate to all time high margins for landlords either!

“Landlords being unable to rely on rental income is a terrible scenario.

“The North East has been out of kilter with the rest of the UK in recent months with few price rises.

“However, July has seen even the North East rise 1.8% to £636 PCM.

‘Proof that no one is winning’

He carried on: “The nationwide skyrocket in rent and mortgage increases is proof that no one is winning, when will it be put to a stop?

“At the other end of the country, London’s average rental price towering above £2,000 appears to now be the norm, a milestone that was only breached for the first time less than a year ago.

“Now hitting £2,109 PCM, London’s crazy rental market is mirroring the UK as a whole and shows no sign of slowing down – the madness continues!”