Rents across the UK continue to rise!

Once again, UK rental prices have increased, with London reaching record highs. HomeLet noted in May 2023, the average rental price across the UK was £1,213 PCM which has propelled by 1.2% in one month alone.

Outside of London, tenants are on average paying £1,016PCM, which is an increase from April 2023 by 1.0%. However, London tenants are now looking at average rents of £2,039 PCM.

For those in Scotland, the rental average saw an astonishing month-on-month rise of 2.6%!

“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.” (Andy Halstead, HomeLet & Let Alliance CEO, 2023).

Are you thinking of becoming a landlord? Now could be a good time to invest as there is a real shortage of rental homes across Kent.

Do you have any questions? Call us today on 01233 501601.