Average monthly rent increases by £125 across the UK in April 2023
The average monthly rent paid on newly-let homes across the UK has increased by £125 (11.1%) in April compared to the same time last year.
This typical monthly increase equates to an extra £1,500 being paid per year.
Average rents paid for newly-let homes reached a new high of £1,249 per month in April 2023, according to property agent Hamptons.
Aneisha Beveridge, head of research at Hamptons, said: “It was back in July 2020 that the average rent across the whole of Great Britain (including London) last passed the £1,000 pcm (per calendar month) mark.
“But just 34 months later, soaring rents since Covid have meant that the average rent in the regions outside of London has passed that same milestone.”
The number of homes on the rental market has risen 13% above last year’s record lows, but there are still 64% fewer homes available to rent than in March 2019.
Our latest lettings index uncovers where the stock shock is sharpest.https://t.co/NYpQNytn9W#lettings #buytolet pic.twitter.com/86xuZiTxEI
— Hamptons (@Hamptons1869) April 23, 2023
She added: “With rents on the open market rising quickly, tenants will face the choice of staying put or moving to a smaller home in a more affordable area.
“While anyone choosing to sit tight tends to face smaller rental increases than those moving home, they are not immune.
“Affordability constraints will likely hit the brakes on rental growth at some point this year, however, it’s unlikely to slow considerably due to the number of landlords looking to pass on their rising costs.”
Rental increases across the UK in April
These are the average monthly rents for areas across from April 2023 along with the annual increase:
Greater London - £2,210, an increase of £324 (17.2%)
East of England - £1,169, an increase of £68 (6.2%)
South East - £1,326, an increase of £99 (8.1%)
South West - £1,082, an increase of £41 (4.0%)
Midlands - £880, an increase of £75 (9.2%)
North of England - £836, an increase of £74 (9.8%)
Wales - £766 and increase of £27 (3.7%)
Scotland - £848, an increase of £96 (12.8%)
Britain - £1,249, an increase of £125 (11.1%)
Britain (excluding London) - £1,002, an increase of £72 (7.8%)
Hamptons’ lettings index uses data from the Countrywide Group to track changes to the cost of renting.
The index is based on 90,000 homes let and managed by Countrywide each year. It is based on rental prices paid rather than advertised rents.