Another big monthly leap in typical rents, says HomeLet

The typical rent across the UK has seen another large monthly leap - this time by 1.4 per cent in August alone.

HomeLet, which has compiled the data, says the all-UK average is now £1,143 per calendar month; excluding London it is £961 pcm.

Average rents in London - which has seen spectacular rises this year, following a lengthy period of falls during the pandemic - are now £1,898 pcm as a result of a monthly rise of 1.6 per cent in August. 

The single largest percentage rise last month was in Scotland, where rents are now 2.5 per cent higher at £861 pcm.

Andy Halstead, HomeLet & Let Alliance chief executive, says:  “Costs of all kinds are rising, directly impacting landlords and their tenants. Factors like increasing mortgage interest rates, changes in taxation, and bills for improvements to meet new government energy efficiency standards are growing pressures on landlords.  

“With high demand, tenants’ affordability constraints will start to be stretched. The value letting agents can provide to both tenants and landlords is only increasing in the current market. High-quality tenant checks and relevant insurance have become an essential considerations for landlords. We’ll do everything we can to support customers through this difficult period.

“We expect rental prices for new tenancies will continue to increase. It’s a challenging position for both landlords and tenants. Whilst landlords’ cost bases are being squeezed, tenants’ living costs are only getting worse.”