Average UK rents climb by 12% in the space of one year

Average UK rents climb by 12% in the space of one year

Rental prices rising will be no surprise to most people across the UK thanks to the incredible demand that has remained in place over the course of the last couple of years. However, the pace at which they have climbed in the last 12 months - driven by two areas in particular - will be somewhat unexpected. 

According to the latest index on the private rented sector from HomeLet, the south-west and Scotland have been the main catalysts behind rental price increases, but all areas have seen the cost of renting increase. 

According to the HomeLet figures, the average rental price across the UK, excluding Greater London, for new tenancies is now £761. When London is included, this figure climbs to £977, according to the data. 

In London, the past year has seen the average price of rent climb by some 9.5 per cent, but unlike in most years, this has not been far ahead of the average for the UK as a whole. Across the nation, HomeLet said, the average rental price climbed by some 11.8 per cent in just a year. 

"The index demonstrates just how broad based the rise in rent prices has now become, confirming that this is a UK-wide trend. Regions which have long been associated with a buoyant rentals sector, such as London, continue to experience rising prices, but rents are also rising in many other parts of the country at similar rates," said Martin Totty, chief executive officer of Barbon Insurance Group, parent company of HomeLet. 

"The south-west of England, for example, is benefitting from its popularity with those attracted to the area for lifestyle reasons, as well as the strong local economy in many of the towns and cities of the region," he pointed out.