UK average rent stabalises with small increase – Homelet

UK average rent stabalises with small increase – Homelet

11:09 AM, 12th January 2022, About 2 years ago

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The Latest Homelet rental market report indicates the average UK rent has continued to stabilise with the December 2021 figure showing a £2 increase to £1,060pcm and excluding London, this figure is £893.

Greater London sees the most significant year-on-year price rise in the UK with a 12.6% jump in the last year, now up to £1,752pcm and the North East of England is the cheapest area to rent in the UK, at just £580pcm.

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: “We expect to see some increased variation in the rental prices in December compared to 2020. The lockdowns and restrictions impacted demand in many areas. A positive aspect is that we’re seeing demand in urban areas increase after the shift last year to property in commutable locations, outside towns and cities.”

“Whilst there’s no doubt that it’s been a challenging year for many landlords, the increase in house prices has only increased the appeal of property investment. We expect to see more focus from the Government on the rental sector in 2022, through legislation like the Renter’s Reform Bill.”

“The UK relies heavily on the private rental sector and needs landlords. As the level of change and legislation increases, it’s becoming essential for many landlords to use the management services of professional letting agents. Government policy must consider the impact of legislation on landlords and the unintended consequences these changes can have.

“We expect to see more people move home in 2022, with some choosing to wait until the ongoing effects of the pandemic have reduced before moving to a new rental property. In 2022 we’d expect to see rental values grow in line with wages and inflation, but increased demand and pressures on housing stock could see us reach record growth in 2022.”

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