Up! Up! Up! Average rents hit another new high

HomeLet has released its latest market figures from April, showing UK average rental prices hitting their highest of all time. 

The average rent in the UK is now £1,199 per calendar month, increasing 1.3 per cent from last month’s average of £1,184. 

When London is excluded, the average rent in the UK is £1,006 pcm, up 1.3 per cent from the previous month. 

The South East and Scotland both saw the largest monthly variance, experiencing a 2.1 per cent increase from last month, with average rents rising to £1,277 and £868 pcm respectively. 

London rental prices continue to increase, with average rental prices hitting £2,003 pcm, 1.2 per cent above the previous month. 

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance chief executive, says:   “Rental prices continue to rise across the board, with every region showcasing a monthly and annual rise. The situation we’re hearing about daily is one where tenants struggle to find available rental properties. 

“Offers for rental properties are often rising above the asking price, with many landlords receiving multiple offers for their properties. 

 “Rising rents coupled with a continuing high cost of living means that Rent Guarantee insurance should be a serious consideration for all landlords – spiralling rental costs and dwindling disposable income is sure to result in more tenants finding themselves unable to pay their rent, and landlords must be prepared for this, 

“The quantity of rental properties on the market is showing no signs of a sudden rise, so prices are likely to continue to rise, with prospective tenants left with a battle on their hands to secure a suitable property.”