8:03 AM, 6th October 2022, About A year ago 2
The latest rental index highlights that rents in the UK are continuing to rise.
According to HomeLet, the average rental price for a new tenancy was £1,159 per calendar month in September – a rise of 1.4% from August.
The rent price is also 9.2% higher than it was in September 2021.
Their data shows that every region has seen annual and monthly growth with rents in London rising 2.5% since August, to an average price of £1,945.
Excluding London, the average rent price is 7.7% higher than last year.
However, Northern Ireland has seen the highest annual growth at 14.6%, with an average rental price of £808.
The North East’s average price for September is 2.4% higher than in August, up to £609.
Andy Halstead, the chief executive of HomeLet and Let Alliance, said: “Recent weeks have seen the value of pound sterling dropping rapidly and concerns over rising mortgage rates.
“Combined with high energy prices and rising expenses across the board, it is fair to say that it is a worrying time for the private rental sector and the country as a whole.”
He added: “The rising cost of living is likely to see more tenants unable to afford their rent payments, and spiralling mortgage rates are making things harder for landlords.
“Several factors are combining to result in more and more landlords leaving the market, sadly depleting an already inadequate supply of rental properties to meet tenants’ demand.
“This will only result in further increases in the average rent price at a time when tenants can ill afford to take on extra expense, and landlords can ill afford to miss out on rent payments.”
Mr Halstead continued: “A high cost of living resulting in tenants struggling to pay their rent does not suit anyone, as neither landlords nor tenants can approach the coming months with certainty about their immediate financial situation.
“We hope that the outlook improves in the coming weeks and months.”
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