New record rents for three-bed houses and one-bed fla...

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14 November 2023

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New record rents for three-bed houses and one-bed flats

The lettings market shows little sign of slowing as rents rose 11.7 per cent year-on-year across Britain in October, says the agency Hamptons.

The average rent on a newly let property in Great Britain rose to £1,345 pcm in October, up £141 compared to the same month last year.

This marked the third consecutive month of double-digit increases and the sixth double-digit hike recorded during the last 12 months.

Rents are rising in every region, but London and Scotland are pointing the way.

Led by growth in Outer London, rents rose 14.8 per cent across the capital last month which would cost the average tenant an extra £312 pcm or £3,744 a year if they were to move into a new home.

Meanwhile Scotland, where the landlord sell-off accelerated this year, followed with rents rising 12.9 per cent year-on-year. This marked the eighth double-digit increase for newly let properties over the last 12 months.

The average cost of a three-bed home in Great Britain rose to £1,412 pcm in October, crossing the £1,400 month mark for the first time. This represented an 11.8 per cent annual hike.

However, the average one-bed rent also rose 10.0 per cent year-on-year and the average two-bed increased by 13.3 per cent, suggesting that rent rises are embedded across all property types.