UK rental prices have increased again, with London recording the highest ever monthly average, new data shows.
According to HomeLet, the average UK rental price in May stood at £1,213 per calendar month (pcm), up 1.2% from April.
London rents are risen even further with the average rental price in the capital hitting £2,039pcm.
Excluding London, the average price of rent in the UK now stands at £1,016pcm, an increase of 1% month-on-month.
Scotland saw the highest monthly increase with rental averages rising by 2.6% month-on-month.
In contrast, the UK’S cheapest rental area, the North East, saw rents drop by an average of 2% from a month earlier, hitting an average of £632pcm.
Andy Halstead, HomeLet & Let Alliance CEO, said: “Rental prices remain high, which brings a level of risk for both tenants and landlords. We are again urging landlords to consider Rent Guarantee insurance as the likelihood of tenants struggling to pay their rent grows with each passing month.
“The London rental market in particular shows no signs of slowing down – there have only been a handful of occasions on which the monthly average has been recorded above £2,000 PCM, with this month’s average of £2,039pcm going down as the highest ever recorded.
“The fact that the London market is rising in terms of average price while the cheapest area in the country [North-East of England] is falling shows that the level of demand somewhat depends on location, but as a broad rule, there is a shortage of rental properties to meet demand, with many prospective tenants facing a real battle to secure a property. This frenzied market is likely to see prices continue to rise in the coming months.”
Obviously there’s one solution, everyone moves up to the North where rents are stagnant.
We could call it Levelling up.
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Well well well, you didn’t have to be a rocket scientist or a brain surgeon to see this coming did you? And yet still government plough on oblivious to what is staring them straight in the face.
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And the small print to get the insurance is? Seriously many tenants will not pass threshold for landlord to be covered at the current pace of rent hikes and credit score.
We are again urging landlords to consider Rent Guarantee insurance as the likelihood of tenants struggling to pay their rent grows with each passing month.
We have been estate agents and lettings agents for decades and never seen it so bad. Yes we are the landlord’s agent but we have a heart and work with our tenants. We are seeing so many now left behind on affordability, many are in tears trying to get a roof over their heads, forced upon them often through no fault of their own, many with children and we can’t help them. We could comfortably years ago but short-sighted policy decisions by all political parties in all devolved powers, has created the mess we are in today and it continues to get worse everyday. Meanwhile the rogues continue to scam the system with little, to no redress.
Policy makers have no comprehension of the misery they cause. They say they understand situations, really! They should try and be a tenant that is left behind and see what its like. So many will never, ever get out of the rental trap. Disgraceful.
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Rents like house prices are geared to what people can afford. Unfortunately wealth is not distributed evenly in the UK. Wages tend to be lower in the North so “peak rent” for want of a better term is lower and has probably been reached already. Hence evidence of rents actually dropping. The South East and London in particular are a different country within England these days, with London a United States surrounded by the rest of us in Mexico.
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