HomeLet has released its Rental Index figures from April 2022, with another record high price of £1,091 PCM

HomeLet has released its Rental Index figures from April 2022, with another record average high price for rental of £1,091 PCM.

Key points from publication:
  • Every region in the UK sees a mom price rise
  • Average rents in London have risen to £1,804 p.c.m.
  • Excluding London, average rental price is now £920 p.c.m.
  • Greater London sees largest mom variance, up 1.9%
  • You can find further details and data tables here

HomeLet has released the Rental Index figures from April 2022, with another record high price of £1,091 PCM.

The headlines from this month’s report are:
  • The average rent in the UK reaches another record high of £1091, up 1.2% on last month
  • When London is excluded the average rent in the UK is now £920, up 1.1% on last month
  • Every single region in the UK sees a month-on-month rise in average rent price
  • Average rents in London have risen again. Rents in the capital have risen to a new average of £1,804 PCM – an increase of 1.9% on the figures from March 2022.
  • The South West saw the next largest monthly variance, which is up by 1.8% to a new average of £1,035 PCM.
  • Outside of London, Scotland saw the largest annual variance at 12.3% – the average rent in Scotland is now £774 PCM.
  • 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 and Let Alliance Chief Executive Officer, said: 

“The cost-of-living crisis has been widely publicised, and it is inevitable that energy price rises and extra expense in other areas will mean that it will become harder and harder for tenants to pay their rent every month.

“Considering the increasing difficulty for tenants to pay rent, and the fact that our internal data shows that fraud is on the rise, it is impossible to escape the conclusion that it is vital for agents to protect their landlords and keep a strong relationship with them by using high quality referencing checks and a water-tight rent guarantee product.

“A broader analysis of the Rental Index data confirms that the demand for rental properties is continuing to outweigh supply massively, which will surely lead to continued price rises to differing extents across the country.

“Finally, we can see that London has well and truly bounced back from a lull during the height of the pandemic, with a strong performance in the capital continued by another price rise.”

Table: Final Rental figures from the April 2022 HomeLet Rental Index:
Region April-2022 March-2022 April-2021 Monthly Var Annual Var
Greater London £1,804 £1,770 £1,580 1.9 % 14.2 %
Scotland £774 £770 £689 0.5 % 12.3 %
North West £878 £871 £791 0.8 % 11.0 %
South West £1,035 £1,017 £955 1.8 % 8.4 %
Yorkshire & Humberside £749 £743 £693 0.8 % 8.1 %
West Midlands £813 £804 £755 1.1 % 7.7 %
Northern Ireland £721 £718 £670 0.4 % 7.6 %
Wales £734 £726 £686 1.1 % 7.0 %
North East £594 £589 £555 0.8 % 7.0 %
East Midlands £755 £749 £709 0.8 % 6.5 %
East Of England £1,055 £1,044 £993 1.1 % 6.2 %
South East £1,164 £1,148 £1,102 1.4 % 5.6 %
UK £1,091 £1,078 £996 1.2 % 9.5 %
UK excluding Greater London £920 £910 £853 1.1 % 7.9 %

 

Chart 1: Annual Variance in UK Rent:

HomeLet has released its Rental Index figures from April 2022, with another record high price of £1,091 PCM

Chart 2: Annual Variance in UK Rent (Excluding Greater London):

HomeLet has released its Rental Index figures from April 2022, with another record high price of £1,091 PCM

Chart 3: Annual Variance in Greater London Rent:

HomeLet has released its Rental Index figures from April 2022, with another record high price of £1,091 PCM

 

Head here for more information.

 

The HomeLet Rental Index now includes data from both HomeLet and Let Alliance. 

The Rental Index utilises data from over 1 million references processed each year on behalf of 5,000 UK letting agents. As a result, the Rental Index represents the largest, most insightful and up-to-date view on the UK’s private rented sector. 

 

Kindly shared by HomeLet

Main article photo courtesy of Pixabay