HomeLet Rental Index

The Rental Index represents the largest, most insightful and up-to-date view on the UK’s private rented sector.

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AVERAGE RENT RISES AGAIN TO ANOTHER RECORD HIGH OF £1,091 PCM

The average rent price in the UK for April 2022 is £1,091

Excluding London, the UK average is now £920 PCM

Every region has seen monthly and annual growth, with London showing the largest, up 1.9% since March, and 14.2% since April 2021, to £1,804 PCM.

The North East of England is the cheapest area to rent in the UK, at £594 PCM.

Further details and data tables can be found in the full report.

Download the .xlsx data file here.

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.

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:

“The cost-of-living crisis has been widely publicised, and it is inevitable that energy price rises and extra expense in other areas will mean that it will become harder and harder for tenants to pay their rent every month. Considering the increasing difficulty for tenants to pay rent, and the fact that our internal data shows that fraud is on the rise, it is impossible to escape the conclusion that it is vital for agents to protect their landlords and keep a strong relationship with them by using high quality referencing checks and a water-tight rent guarantee product.

“A broader analysis of the Rental Index data confirms that the demand for rental properties is continuing to outweigh supply massively, which will surely lead to continued price rises to differing extents across the country.

“Finally, we can see that London has well and truly bounced back from a lull during the height of the pandemic, with a strong performance in the capital continued by another price rise.”

Andy Halstead, HomeLet & Let Alliance Chief Executive Officer

The average rent in the UK is now £1091, up 1.2% from last month’s price.

Average rents in London were £1,804, a 1.9% increase in price from March's average.

Excluding London, the average UK rent price is £920 PCM, up 7.9% YOY.

Rental prices in the South West have risen 1.8% since March, to £1,035 PCM.

The North East is the cheapest area to rent in the UK, with the average rent now at £594, up 0.8% compared to last month.

Elsewhere, every single region has seen a MOM and YOY price rise, with London(14.2% rise) and Scotland(12.3%) seeing the most significant annual increases.

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Methodology

The HomeLet Rental Index incorporates a methodology designed in conjunction with a professor at the London School of Economics. The methodology factors in important elements, such as property type and geography, to create mix adjusted averages. This makes Britain’s most comprehensive rental market benchmark even more insightful. The methodology has been applied retrospectively to our historical rental market data to ensure that the Rental Index can continue to be used to provide analysis of trends in the private rental sector.

The index and average prices are produced using HomeLet’s mix adjusted rental index methodology. This helps to track the representative rental values over time, which factor in changes in the mix of property types and locations of rented properties.

Data is gathered from our tenant referencing service, and our rental amounts are based on actual achieved rental prices with accurate tenancy start dates in a reported month, rather than advertised costs. The data used in the HomeLet Rental Index is aggregated to regional, county and city level only. This ensures that all property or individual records remain strictly anonymous.

The HomeLet Rental Index is prepared from information that we consider is collated with careful attention, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue this report. The HomeLet Rental Index may not be used for commercial purposes; we shall not be liable for any decisions made or action taken in reliance upon the published data.

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