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 |
Source: Hamptons
