The latest HomeLet Rental Index reveals that in October, monthly rent prices rose once again across nearly every region in the UK, reaching record highs, including in London.

UK renters can now expect to pay £1,283 per calendar month (pcm) on average, or £1,068pcm outside of London. This is up 0.55% and 0.66% respectively from last month alone, and a staggering 9.56% and 9.43% compared to this time last year.

As rising prices fail to match wage increases for many, renters in the UK can now expect to pay nearly a third (32.7%) of their wages in rent, which is a 2.1% increase YoY compared to 2022. In the capital, people can expect to pay nearly two fifths (38.8%) of their wages in rental costs.

As the prime minister Rishi Sunak prepares for the Autumn budget later this month, and faces pressure to address both the housing and cost of living crisis, HomeLet’s figures give a stark view into the reality of the situation in the UK.

Andy Halstead, HomeLet & Let Alliance CEO, commented: “The picture, to put it frankly, is bleak in the UK. Rent prices in our country have increased by almost 10% in just a year, and the last few months in particular account for that huge surge. In the summer, the increase was around +5% YoY, so you can see the hopelessness of the situation as we head towards the winter months.

“There have been a few news articles and comments from the government recently about how the cost-of-living situation is starting to look more positive and inflation is slowing. However, our data shows that rents still rose in most regions across the country between September and October 2023. So what do we believe?

“Rent has increased MoM by as much as 1.35% in the North East, 1.29% in Wales, 1.26% in Northern Ireland – plus 0.55% across the UK in general. As we collate this data every month, we hope one day to see negative figures in the monthly variances, and more affordable rent for all. But as it goes on, our hope is dwindling.

“It really feels like there’s no end to this madness, it’s utter chaos. We’ve been watching rent prices creep up every month and know this is an unsustainable future for both tenants and landlords alike.

“Renters are being priced out, and homeowners are left with nobody to fill their vacancies. I believe we need to see an end to these soaring prices, and fast, before we have a full rental crisis on our hands in the UK. Let’s watch this space.”