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.           

Source: Hamptons