Rent prices continue to rocket as average price rises to another high of £1,069 pcm
Rent prices continue to rocket as average price rises to another high of £1,069 pcm, with just 2 of 12 regions in the UK seeing a month-on-month decrease.
HomeLet has released The Rental Index figures from February 2022, with another record high price recorded, now up to £1,069 PCM.
The headlines from this month’s report are:
- The average rent in the UK reaches another record high of£1069, up 5% on the January 2022 figures.
- When London is excluded the average rent in the UK is now£902, up 6% on January.
- Average rents in London saw a slight dip, down 0.2% to an average of£1,757 PCM.
- Just two regions saw a price dip, with East Midlands the only other region alongside London, down1% to an average price of £745 PCM.
- Northern Ireland saw the largest MoM rise of8% to a new average price of £718 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 second month of 2022 followed largely similar trends to the first, with the average rental price across the UK continuing to rise month-on-month. The housing supply required to meet the demand sadly isn’t there, so as far as we can tell, this is a trend that will continue to appear throughout 2022, barring an unexpected change.
“It is interesting to see Greater London record a small dip after a sustained period of resurgence, albeit the dip is a relatively small one.
“The cost of living crisis is likely to intensify as the months tick over, due to inflation and rising energy prices, making it more important than ever for landlords to consider rent protection products to ensure that they are sufficiently protected against the unpredictable nature of the current situation.”
Table: Final Rental figures from the February 2022 HomeLet Rental Index:
| Region | February-2022 | January-2022 | February-2021 | Monthly Var | Annual Var |
| Scotland | £760 | £747 | £678 | 1.7 % | 12.1 % |
| Greater London | £1,757 | £1,760 | £1,572 | -0.2 % | 11.8 % |
| North West | £860 | £855 | £782 | 0.6 % | 10.0 % |
| South West | £999 | £989 | £914 | 1.0 % | 9.3 % |
| Northern Ireland | £718 | £705 | £662 | 1.8 % | 8.5 % |
| Wales | £727 | £727 | £673 | 0.0 % | 8.0 % |
| North East | £583 | £578 | £542 | 0.9 % | 7.6 % |
| Yorkshire & Humberside | £730 | £726 | £680 | 0.6 % | 7.4 % |
| West Midlands | £800 | £792 | £749 | 1.0 % | 6.8 % |
| East Of England | £1,037 | £1,035 | £978 | 0.2 % | 6.0 % |
| East Midlands | £745 | £746 | £704 | -0.1 % | 5.8 % |
| South East | £1,139 | £1,128 | £1,087 | 1.0 % | 4.8 % |
| UK | £1,069 | £1,064 | £984 | 0.5 % | 8.6 % |
| UK excluding Greater London | £902 | £897 | £840 | 0.6 % | 7.4 % |
Chart 1: Annual Variance in UK Rent:
Chart 2: Annual Variance in UK Rent (Excluding Greater London):
Chart 3: Annual Variance in Greater London Rent:
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Kindly shared by HomeLet
Main photo courtesy of Pixabay
