HomeLet Rental Index October 2021 – UK AVERAGE RENT REMAINS HIGH

HomeLet Rental Index October 2021 – UK AVERAGE RENT REMAINS HIGH

1 November 2021

The average rent in the UK is now £1059, which is up by 8.7% on the same time last year, however, it is the first MOM drop for a number of months, down 0.2% on September’s price.

When London is excluded the average rent in the UK is now £888, this is up by 8.2% on last year.

Average rents in London were £1,759, an increase of 9.7% on last year, and another monthly rise, up 0.4% on September’s price.

All regions showed an increase in annual variance, with the largest being Wales with a huge 12.9% increase.

Northern Ireland has seen the largest MOM increase, with rental prices rising by 3.2% since September 2021, to £729 PCM.

North East of England is the cheapest area to rent in the UK, at just £588 PCM.

Scotland has seen a significant monthly drop in rental prices, with the average rent now at £738, down 2.3% compared to last month.

Commenting on the latest data, Chris Turner, Head of Business Development said:

“In normal market conditions, we might see spikes in rental values for desirable or emerging areas, but we’re still seeing a really high demand for all property in the lettings market; that’s now the case in most parts of the UK. With fewer new properties coming up to rent when compared to pre-pandemic levels, we can expect the trends we see continuing throughout 2022.”
“There was no specific mention of lettings or the private rented sector in the Budget, which might come as a welcome relief to many landlords, especially given the raft of changes that have impacted them in the past few years. The private rented sector provides a home to millions of people across the country. Our view is that the Government should give as much consideration to supporting this vital sector as it does to homeownership.
“The Chancellor announced a £65 Million Support Package for Vulnerable Renters, which will be welcome news for some. As the UK’s largest provider, we’ve dealt with an unprecedented rise in the volume of claims on Rent Protection insurance throughout the pandemic. With factors like the ban on evictions, we’ve also seen a record increase in the number of deferrals and payment plans put in place, with an exceptional level of compassion from landlords and letting agents for the circumstances many tenants have faced. Whilst there’s a focus on the pandemic impacting tenants, it has also significantly impacted many landlords without protection, both financially and emotionally.”

Chris Tuner, Head of Business Development

THE LARGEST AND MOST RELIABLE SOURCE OF AVERAGE RENTAL DATA IN THE UK

The Rental Index data is qualified through high-quality tenant referencing, carried out on behalf of over 4,500 UK letting agents. As a group we reference over 1m tenants a year, enabling reporting on newly agreed tenancy applications, with historic data for over 13m tenancy applications.

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