Homelet Rental Index for January 2022: Another record high price

Homelet Rental Index for January 2022 has been published, showing another record high as UK rent price rises to £1,064 p.c.m.

Key points from publication:

Average rent in London rises 0.5% mom to £1,760 p.c.m.
Excluding London, average rental price is now £897 p.c.m.
North-west sees highest mom rise of 1.3% to £855 p.c.m.
You can find further details and data tables here

HomeLet has released the Rental Index figures for January, with another record high price recorded, now up to £1,064 p.c.m.

The headlines from this month’s report are:

The average rent in the UK is now£1064, up 4% on the December 2021 figures.
When London is excluded the average rent in the UK is now£897, up 4% on December.
Average rents in London were£1,760, an increase of 5% on December, and up 12.6% on December 2020.
As many as 8 of 12 regions saw a month-on-month price rise, with Northern Ireland, Wales, Yorkshire & Humberside and the North-East the only regions to see a price fall.
North-West of England saw the biggest rise month-on-month, up3% to £855PCM

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:

“As expected, 2022 has started as 2021 ended, with an imbalance between supply and demand, and inevitably that has brought on price rises, that will likely continue in the coming months.

“There are some caveats, though. Though we have seen another record high rental price this month, we must consider inflation rates, a topic that has been discussed heavily in the past couple of weeks. Based on the latest inflation figures, the month-on-month rent increases have been lower than the wider inflation rate, indicating a level of steady growth.

“The private rental sector has played a key role in the UK throughout the pandemic, and we hope that the government will make things easier for landlords in 2022, to allow them to continue playing a key role in the coming months and years.”

Table: Final Rental figures from the January HomeLet Rental Index:

Region	January-2022	December-2021	January-2021	Monthly Var	Annual Var
Greater London	£1,760	£1,752	£1,563	0.5 %	12.6 %
Northern Ireland	£705	£724	£648	-2.6 %	8.8 %
North-West	£855	£844	£775	1.3 %	10.3 %
Wales	£727	£736	£675	-1.2 %	7.7 %
Yorkshire & Humberside	£726	£737	£680	-1.5 %	6.8 %
North-East	£578	£580	£540	-0.3 %	7.0 %
Scotland	£747	£738	£683	1.2%	9.4 %
West Midlands	£792	£786	£741	0.8 %	6.9 %
East Midlands	£746	£742	£698	0.5 %	6.9 %
South-West	£989	£983	£919	0.6 %	7.6 %
East Of England	£1,035	£1,031	£979	0.4 %	5.7 %
South-East	£1,128	£1,123	£1,094	0.4 %	3.1 %
UK	£1,064	£1,060	£981	0.4 %	8.5 %
UK excluding Greater London	£897	£893	£839	0.4 %	6.9 %