One of the UK’s largest tenant referencing and lettings specialists
Posted by Ellie Dreisenstock on August 4, 2022
This is a 1.3% rise since last month and a 9.5% rise since July 2021.
Excluding London, the average price is now £948, up 1.3% since last month.
Every region in the UK has seen monthly and annual growth.
Average rents in London have risen again. Rents in the capital have risen to a new average of £1,868 PCM – an increase of 1.2% since June.
Scotland saw the largest monthly variance, with rents 3.4% higher than last month.
The North East is the cheapest area to rent in the UK, having risen 0.5% since last month to £591.
Commenting on the latest data, CEO Andy Halstead had the following to say:
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. Considering the increasing difficulty for tenants to pay rent, and the fact that our internal data shows that fraud is on the rise, it is impossible to escape the conclusion that it is vital for agents to protect their landlords and keep a strong relationship with them by using high quality referencing checks and a water-tight rent guarantee product.
A broader analysis of the Rental Index 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.