UK Average Rent Continues to Rise Across the Country

The average rent in the UK is now £1,184 PCM, increasing 0.8% from last month’s average of £1,175 PCM

· When London is excluded, the average rent in the UK is £993 PCM, up 1.0% from the previous month

· The North East saw the largest monthly variance, experiencing a 1.6% increase from last month, with average rents rising to £639 PCM.

· London rental prices slowly start to rise again after experiencing a drop in previous months, with average rental prices hitting £1,979 PCM, 0.2% above the previous 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 data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:

“With every region of the country reporting a month-on-month rental price rise, it’s fair to say that demand for rental properties remains exceptionally high. It had been interesting to observe a few months of decreased prices in London, but the capital appears to have recovered from a slight dip, in line with rises across the country.

“Given the insufficient housing stock and continued rising rents, rent guarantee becomes ever more essential for landlords and letting agents. As a group with rent guarantees protecting £1.5 billion in annual rents, we are acutely aware of how important it is for landlords to be protected should their tenants be unable to pay their rent.

“The lack of available properties means that the market is likely to continue to be very competitive, so landlords must remain vigilant, and tenants should be aware that finding a suitable property is proving to be a tricky task for many.”

Table: Final Rental figures from the March 2023 HomeLet Rental Index