Annual Rental Growth still in double figures, reports...

Annual rental growth across remained in double-digits during September, with the average cost of a new let up 11.7 per cent on the same period 12 months ago.

This figure - from lettings agency Hamptons - is the second fastest increase the agency has seen, surpassed only by August’s figure of 12.0 per cent.

The average rent in Great Britain now stands at £1,325 pcm, up from £1,186 in September 2022.

Rents are rising faster in London than anywhere else. The average cost of renting a property in the capital was £322 pcm or 15.7 per cent more expensive than it was at the same time last year.

Both Inner and Outer London recorded double-digit rental growth, but rents in Outer London (up 16.2 per cent) rose faster than anywhere else in the country. The average Outer London rent last month (£2,241 pcm) was higher than the average Inner London rent two years ago in September 2021 (£2,186 pcm).

Nationally, rents are rising at a double-digit pace in most regions. However, the rate of growth slowed slightly from last month, with rental growth in the fastest-rising regions dipping. Southern England and Scotland bucked this trend, with rental growth continuing to accelerate from an already high level.

	Average monthly rent	YoY %	YoY £
Greater London	£2,376	15.7%	£322
Inner London	£3,087	12.1%	£332
Outer London	£2,241	16.2%	£313
East of England	£1,247	11.3%	£126
South East	£1,354	9.5%	£117
South West	£1,171	7.6%	£83
Midlands	£935	10.6%	£90
North	£889	8.7%	£71
Wales	£791	5.2%	£39
Scotland	£950	14.9%	£123
Great Britain	£1,325	11.7%	£139
Great Britain (Excluding London)	£1,055	9.3%	£89