"Rising rents coupled with a continuing high cost of living means that Rent Guarantee insurance should be a serious consideration for all landlords"
HomeLet has released its rental index figures from April 2023, revealing that UK average rental prices continued their upward trajectory during the month to hit £1,199 PCM, an increase of 1.3% from last month’s average of £1,184 PCM. When London is excluded, the average rent in the UK is £1,006 PCM, up 1.3% from the previous month.
The South East and Scotland both saw the largest monthly variance, experiencing a 2.1% increase from last month, with average rents rising to £1,277 PCM and £868 PCM respectively.
London rental prices continue to increase, with average rental prices hitting £2,003 PCM, 1.2% above the previous month.
The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.
Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:
“Rental prices continue to rise across the board, with every region showcasing a monthly and annual rise. The situation we’re hearing about daily is one where tenants struggle to find available rental properties. Offers for rental properties are often rising above the asking price, with many landlords receiving multiple offers for their properties.
“Rising rents coupled with a continuing high cost of living means that Rent Guarantee insurance should be a serious consideration for all landlords – spiralling rental costs and dwindling disposable income is sure to result in more tenants finding themselves unable to pay their rent, and landlords must be prepared for this,
“The quantity of rental properties on the market is showing no signs of a sudden rise, so prices are likely to continue to rise, with prospective tenants left with a battle on their hands to secure a suitable property.”
