Rents hit another record high

Rents hit another record high

10:01 AM, 4th May 2023, About 12 months ago

Text Size

Rents across the UK have continued rising to a new high with the average being paid by tenants reaching £1,199, an index reveals.

HomeLet says that the average rent grew by 1.3% from March to April – and by 9.9% annually.

The data shows that rents have gone up in every region and when London’s rents are removed from the calculations, the average rent is £1,006, which is 9.3% higher than a year ago.

The biggest monthly increase was for renters in the South East where rents grew by 2.3% from March to reach £1,277.

‘Rental prices continue to rise across the board’

The chief executive of HomeLet and Let Alliance, Andy Halstead, said: “Rental prices continue to rise across the board, with every region showcasing a monthly and annual rise.

“The situation we’re hearing about daily is one where tenants struggle to find available rental properties.

“Offers for rental properties are often rising above the asking price, with many landlords receiving multiple offers for their properties.”

He added: “The quantity of rental properties on the market is showing no signs of a sudden rise, so prices are likely to continue to rise, with prospective tenants left with a battle on their hands to secure a suitable property.”

Rental figures from the April 2023 HomeLet Rental Index

 


Share This Article


Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now