Up! Up! Up! Rents leap further to yet another new record

The average rent in the UK has hit another record high of £1,091 after a 1.2 per cent increase in the past month.

The figure - provided by HomeLet - shows that when London is excluded the average rent in the UK is now £920, up 1.1 per cent on last month.

Every region in the UK has seen a month-on-month rise in average rent price.

In the capital itself rents have hit a new average of £1,804 pcm - an increase of 1.9 per cent since March. 

The South West saw the next largest monthly variance, which is up by 1.8 per cent to a new average of £1,035 pcm. 

Outside of London, Scotland saw the largest annual hike at 12.3 per cent - the average rent in Scotland is now £774 pcm.

Commenting on the latest data, Andy Halstead - HomeLet and Let Alliance’s chief executive - says: “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. 

“A broader analysis of the 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.”