UK rents reach record high but growth slows

UK rents reach record high but growth slows

0:01 AM, 10th July 2024, About 2 weeks ago

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The average rent in the UK has reached a record high of £1,299, although growth has slowed to just 0.2% in June.

That’s according to the latest HomeLet rental index which highlights that in June 2023, the average rent was £1,229.

Despite the slowdown, rents remain a major pressure point for many tenants.

Excluding London, the average UK rent is now £1,102.

PRS stakeholders are dealing with turmoil

Andy Halstead, the HomeLet and Let Alliance chief executive, said: “The data and analysis speak for itself. All stakeholders in the private rental sector are managing their way through turmoil, not least landlords and tenants.

“Professional letting agents have the most difficult task, balancing the needs of both, whilst working in a political void, with uncertainty everywhere.”

He added: “It is rarely quoted that a tenant can now quite easily occupy a rental property for 12 months or so, without paying a penny in rent.

“Whilst this is a fact, politicians run away from dealing with the challenge.

“A viable private rental sector requires support for all stakeholders, including agents and landlords, this still looks like a pipe dream.”

A mixed picture for rents across the UK

The report highlights a mixed picture for rents across the UK with rents falling in Greater London (-1.6%), Yorkshire and Humberside (-0.6%) and the South West (-0.3%).

However, rents in Scotland saw the biggest rise of 3.8%.

Other regions seeing an increase were Northern Ireland (+1.8%), Wales (+1.6%), South East (+1.5%), East of England (+1.2%) and West Midlands (+0.4%).

Landlords also seeing a rent rise were those in the North West (+0.3%), East Midlands (+0.2%) and the North East (+0.1%).

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