Average UK rent price rises to new record high of £1,103 p.c.m.

Average UK rent price rises to new record high of £1,103 p.c.m., according to the latest publication of the HomeLet Rental Index, which also shows average rents in the UK are up 1.1% month-on-month, with Northern Ireland seeing the largest monthly variance.

The headlines from this month’s report are:

The average rent in the UK reaches another record high of £1,103 PCM, up 1% on last month
When London is excluded the average rent in the UK is now £928, up 9% on last month
Average rents in London have risen again. Rents in the capital have risen to a new average of £1,832 PCM – an increase of 6% over last month
Northern Ireland saw the largest monthly variance, with rents 7% higher than last month

The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.

The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.

Commenting on the latest figures, lettings expert Mike Dawson said:

“With continued universal pressure on households, we’re seeing tenants stay in properties for more extended periods. However, as summer approaches, we expect tenants to move at a much higher rate which means average rents for new tenancy agreements will continue on an upward trajectory.

“The rental market plays a critical role in satisfying the UK’s housing needs, and the long-awaited Renters’ Reform Bill needs to strike the right balance by protecting both tenants and landlords.

“With many landlords already exiting the market, the government’s commitment to legislation will provide the biggest change to rental law in a generation and shouldn’t risk marginalising landlords even further.”

Dawson, a director at the UK’s largest tenant referencing firm, continued:

“Whilst managing agents can provide a vital service to landlords as the market becomes more complex, there’s a genuine risk that we will continue to see a decline in the number of landlords in the UK.

“Ultimately, tenants will foot the bill if the level of stock decreases and demand grows, as we saw with the 2019 Tenant Fees Act.”

Table: Final Rental figures from the May 2022 HomeLet Rental Index:

Table: Rent to Income Ratios for All Regions:

Region	May-22	May-21	Variation
UK	30.5 %	30.5 %	0.0%
UK Ex London	29.5 %	29.6 %	-0.1%
North East	24.1 %	24.0%	0.1%
North West	29.4 %	29.4 %	0.0%
Yorkshire and The Humber	27.0 %	26.8 %	0.2%
East Midlands	28.8 %	29.0 %	-0.2%
Wales	29.0 %	29.1 %	-0.1%
South West	32.0 %	32.0 %	0.0%
South East	31.3 %	31.8 %	-0.5%
London	34.0 %	34.0 %	0.0%
East Of England	30.6 %	31.3 %	-0.7%
West Midlands	29.0 %	29.0 %	0.0%
Scotland	26.0 %	25.2 %	0.8%
Northern Ireland	23.4 %	27.6 %	-4.2%