UK Rents Now at Average of £2,000
Rent prices in the UK have hit a record high as demand for housing remains high amid tight supply, says Goodlord.
Average rents this month lifted by 1.8% compared to August, and are 13.2% higher than a year ago, according to the lettings agent’s monthly Rental Index.
Prices continue to rise rapidly as September’s record beat the previous all-time high of £1,238 set in July.
The majority of regions across England saw rents increase, with London posting a record surge to see monthly costs for tenants top £2,000 for the first time.
The average cost of renting across London rose by 2% over last month to £2,006 per month, reaching its highest level since records began in 2010.
The average rent across the UK has risen to £1,083 per month, according to the latest monthly rental index from HomeLet.
The cost of renting a property in the capital now sits at £2,055, a 6.8% jump from August, says the report.
The North East posted a fall, following several months of higher-than-expected growth, which saw rents slide by 6.7% in September, taking average prices down to £890.
The only other region to record a decline was the East Midlands where prices slipped 0.9% to £1,010.
Despite strong demand, voids edged higher this month to 15 days, from 14 days in August.
London saw a drop in voids, falling to 9 days from 11. The South West saw the biggest rise in voids, with properties taking 17 days to change hands, up from 14 last month
The average cost of renting a home in England and Wales has passed £1,000 for the first time, according to new figures.
The average monthly rent in August 2019 was £1,008 – up 2.6% on the same month last year and 1.3% higher than in July.
The figures from Goodlord show that the average rent across England and Wales has increased over the past year by 5.1%, to £873 per month.
It also shows that rents in London have been increasing at a faster rate than anywhere else in Britain, at 6.2% per year. This is compared with 3% nationally and 4% in the South East region.
At the other end of the scale, renters can find cheaper accommodation in Wales (average rent £611) and Scotland (£685).
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Hi, I'm Deanne. I'm the Director of a family-run mortgage and protection brokerage. I have over 20 years industry experience, and I'm proud to be the head of Straker Financial Services.
