Rising Rents - Another milestone reached after monthl...

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08 June 2022

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By Graham Norwood

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Rising Rents - Another milestone reached after monthly increase

The average rent in the UK has hit another record high of £1,103 per calendar month after a 1.1 per cent rise in May.

The figure comes from HomeLet, which says that if London is excluded the average rent in the UK is now £928, up 0.9 per cent on a month ago.

Average rents in London have risen again. Rents in the capital have risen to a new average of £1,832 pcm following a 1.6 per cent hike.

Northern Ireland saw the largest monthly variance, with rents 1.7 per cent higher than last month.

Rental expert Mike Dawson, quoted by HomeLet, says: “With continued universal pressure on households, we’re seeing tenants stay in properties for more extended periods.

“However, as summer approaches, we expect tenants to move at a much higher rate which means average rents for new tenancy agreements will continue on an upward trajectory.

“The rental market plays a critical role in satisfying the UK’s housing needs, and the long-awaited Renters’ Reform Bill needs to strike the right balance by protecting both tenants and landlords. With many landlords already exiting the market, the government’s commitment to legislation will provide the biggest change to rental law in a generation and shouldn’t risk marginalising landlords even further.”