October 4, 2022

UK rents have hit a brand new report peak of £1,413 monthly

The headlines from this month’s HomeLet Rental Index present that the typical lease within the UK has reached £1,143 PCM, up 1.4% from final month.

Nonetheless, this determine consists of London’s rents, which have now risen to a mean of £1,898 (up 1.6%): excluding London, the typical lease within the UK is up 1.4% on final month at £961 PCM.

Scotland noticed the most important month-to-month variance, with rents 2.5% increased than final month, as much as £861 per callender month.

Learn extra property information:

The traits reported inside the HomeLet Rental Index are from information on precise achieved rental values for just-agreed tenancies organized in the latest interval.

Andy Halstead, HomeLet & Let Alliance Chief Government Officer, stated, “Prices of every kind are rising, instantly impacting landlords and their tenants. Elements like growing mortgage rates of interest, adjustments in taxation, and payments for enhancements to satisfy new authorities power effectivity requirements are rising pressures on landlords.

“With excessive demand, tenants’ affordability constraints will begin to be stretched. The worth letting brokers can present to each tenants and landlords is simply growing within the present market. Excessive-quality tenant checks and related insurance coverage have develop into an important issues for landlords. We’ll do every little thing we are able to to assist prospects by way of this troublesome interval.

“We anticipate rental costs for brand spanking new tenancies will proceed to extend. It’s a difficult place for each landlords and tenants. While landlords’ price bases are being squeezed, tenants’ residing prices are solely getting worse.”

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