Landlords

Average UK rent hits £1060 PCM

Property Reporter
|
12th January 2022
Rent Up 551

A small MOM increase of 0.2% in UK rent prices during December has pushed average rent prices in the UK to £1060 PCM, according to the latest figures released by Homelet.

Homelet data shows that this is up by 8.3% on the same time last year. When London is excluded, the average rent in the UK is now £893 - a 6.6% rise on last year. Average rents in the capital were £1,752, an increase of 12.6% on Dec 2020.

All regions showed an increase in annual variance, with the largest, being Greater London at 12.6%. The South-West saw the highest MOM price rise, up 2% to £983 PCM

The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK. 

Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: “2021 ended with an imbalance between supply and demand, and this is a trend that we are expecting to continue into 2022. This trend will almost certainly lead to a continuation of rental price growth as the year develops.

“We have again seen the Government focus on the rental sector, with the Renter’s Reform Bill likely to abolish Section 21 – the clause which gives landlords the option to end ‘rolling’ tenancies with two months’ notice without giving a reason. We have repeatedly seen the Government make things harder for landlords, who are already the cornerstone of the rental market upon which the UK relies so heavily. Increased legislation for landlords is putting the rental sector at risk, and the UK Government must reconsider.

“As a final point, we have seen a rise in tenancy fraud in recent times. We’re seeing an increase in volume and sophistication, at a time when the risks and legislation landlords face are growing. To counter this, it is imperative that we see a higher quantity of professional letting agents.”

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