According to the latest HomeLet Rental Index, excluding the capital, average rents across the UK now stand at £971 PCM, up by 1% since last month. The North-East saw the next largest monthly variance, with rents 2.4% higher than last month, up to £609 PCM
These latest figures 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: “Recent weeks have seen the value of pound sterling dropping rapidly and concerns over rising mortgage rates. Combined with high energy prices and rising expenses across the board, it is fair to say that it is a worrying time for the private rental sector and the country as a whole.
“The rising cost of living is likely to see more tenants unable to afford their rent payments, and spiralling mortgage rates are making things harder for landlords. Several factors are combining to result in more and more landlords leaving the market, sadly depleting an already inadequate supply of rental properties to meet tenants’ demand. This will only result in further increases in the average rent price at a time when tenants can ill afford to take on extra expense, and landlords can ill afford to miss out on rent payments.
“A high cost of living resulting in tenants struggling to pay their rent does not suit anyone, as neither landlords nor tenants can approach the coming months with certainty about their immediate financial situation. We hope that the outlook improves in the coming weeks and months.”