Rents up slightly across UK … except for London

The average rent in the UK is now £1,175 per calendar month according to HomeLet.

This is a tiny 0.3 per cent up on a month ago.

When London is excluded, the average rent in the UK is £983 pcm, up 0.6 per cent from the previous month.

Northern Ireland saw the largest monthly variance, experiencing a 1.8 per cent increase from last month, with average rents rising to £786 pcm.

London rental prices continue to drop as the region saw the most significant monthly decrease, with rents falling by 0.7 per cent dropping below their previous average to £1,975 pcm.

Commenting on the latest data, Andy Halstead - HomeLet and Let Alliance chief executive - says: “A small decline in rental prices at the start of 2023 has not continued, with the average rental property in the UK again seeing a price rise.  

“Something interesting is happening in the capital, though, as the average rent in Greater London has decreased for the third month in a row, having briefly climbed above the £2,000 pcm mark in November for the first time ever. 

“It is still a little early to predict whether this will be a sustained pattern or whether London will follow the pattern of the wider country and see prices rise again in the coming months. 

“As a wider point, the rental market continues to suffer from a lack of available properties to meet surging demand, with many landlords choosing to leave the market. If the number of properties available fails to increase in line with demand, then prices will inevitably remain high and climb even higher as the battle between tenants to secure a property intensifies.”