The pace of annual rental growth for tenants moving into a new property accelerated in August for the 10th straight month.
Hamptons reports that across Britain, rents are up 2.4% over the last 12 months to reach £1,419 per month.
This is the fastest level of growth since November 2024.
Rental growth has been led by regions outside of London.
Tenants moving into a new property in the South West (+5.4%) and the South East (+3.7%) recorded the fastest growth anywhere in the country.
August also marked the first time that the cost of renting a new home in the North of England passed the £1,000 per month mark.
Rents here rose by 2.8% over the last 12 months, from £986 to £1,014 per month.
Average monthly rents in the Midlands surpassed four figures in April 2024.
The average increase, where one took place, for an existing tenant remained stable at 5.6%.
Tenants in Scotland continue to see the largest rent increases anywhere in Britain, with an average of 6.9% in August.
Meanwhile the average rent paid by all tenants, not just those moving home, rose 2.0% over the last 12 months to £1,260 pcm.
This is £159 a month less than a tenant moving home pays.
| Region | New lets | All tenants | ||
| Average monthly rent | YoY change % | Average monthly rent | YoY change % | |
| Greater London | £2,334 | 1.2% | £2,148 | 0.6% |
| Inner London | £2,761 | 0.7% | £2,625 | -0.5% |
| Outer London | £2,019 | 1.6% | £1,796 | 1.8% |
| South | £1,406 | 3.7% | £1,237 | 2.4% |
| East of England | £1,288 | 2.1% | £1,193 | 3.1% |
| South East | £1,523 | 3.7% | £1,329 | 2.0% |
| South West | £1,348 | 5.4% | £1,142 | 2.5% |
| Midlands | £1,073 | 1.2% | £931 | 2.8% |
| East Midlands | £1,014 | -0.6% | £885 | 2.5% |
| West Midlands | £1,125 | 2.5% | £972 | 3.1% |
| North | £1,014 | 2.8% | £866 | 3.3% |
| North East | £907 | 2.5% | £775 | 3.4% |
| North West | £1,080 | 2.9% | £894 | 3.8% |
| Yorkshire and the Humber | £973 | 2.9% | £868 | 2.6% |
| Wales | £885 | 3.3% | £811 | 1.8% |
| Scotland | £1,095 | 2.4% | £856 | 3.2% |
| Great Britain (GB) | £1,419 | 2.4% | £1,260 | 2.0% |
| GB (Ex London) | £1,185 | 3.0% | £1,033 | 2.7% |
Source: Hamptons using Connells Group data
