UK rents up by 10% in a year as ‘renters are being priced out’

The average rent price in the UK has risen by almost 10% in a year, according to the latest HomeLet rental index.

The report shows that every region in the country has seen an annual increase in rent prices, with Scotland leading the surge.

The index is based on data from more than 500,000 tenancies and provides a comprehensive overview of the rental market trends and changes.

Average rent price in the UK

According to HomeLet, the average rent price in the UK for October was £1,283, up 9.56% from October 2022 and 0.55% from September 2023.

Excluding London, the average UK rent price is £1,068 per month, up 9.43% from last year and 0.66% from last month.

London remains the most expensive region to rent in the UK, with an average monthly price of £2,192, up 10.21% from last year and 0.6% from last month.

Cheapest region for renting

The cheapest region for renting is the North East of England, with an average monthly price of £677, up 7.88% from last year and 1.35% from last month.

Scotland has seen the largest annual increase in rent prices, up 12% since October 2022 to £952.

Wales has also seen a significant rise, up 7.88% since last year to £863.

‘Renters are being priced out’

The firm’s chief executive, Andy Halstead, said: “Rent prices in our country have increased by almost 10% in just a year, and the last few months account for that huge surge.

“We’ve been watching rent prices creep up every month and know this is an unsustainable future for both tenants and landlords alike.”

He added: “Renters are being priced out, and the homeowners are left with nobody to fill their vacancies.

“We need to see an end to these soaring prices, and fast, before we have a full rental crisis on our hands.”