HOMELET RENTAL INDEX FEBRUARY 2022 -AVERAGE PRICE RISES TO ANOTHER HIGH OF £1,069 PCM

HOMELET RENTAL INDEX FEBRUARY 2022 -AVERAGE PRICE RISES TO ANOTHER HIGH OF £1,069 PCM

2 March 2022

The average rent price in the UK for February 2022 is £1,069.

This month’s figure is 0.6% higher than last month’s and 8.6% more than in February 2021.

Excluding London, the average rent has reached £902, rising 0.6% since January and 7.4% since last year.

Greater London’s average rent has risen 11.8% year-on-year, this is however a 0.2% decrease since January 2022.

The East Midlands is the only other region which has seen a decrease since last month, prices here have dropped 0.1% to £745.

Scotland has seen the highest monthly (1.7%) and annual (12.1%) rise and is now up to £760 PCM.

The North East is the cheapest area to rent in the UK, with the average rent now at £583, up 0.9% compared to last month.

Commenting on the latest data, CEO Andy Halstead had the following to say:

The second month of 2022 followed largely similar trends to the first, with the average rental price across the UK continuing to rise month-on-month. The housing supply required to meet the demand sadly isn’t there, so as far as we can tell, this is a trend that will continue to appear throughout 2022, barring an unexpected change.

It is interesting to see Greater London record a small dip after a sustained period of resurgence, albeit the dip is a relatively small one.

The cost of living crisis is likely to intensify as the months tick over, due to inflation and rising energy prices, making it more important than ever for landlords to consider rent protection products to ensure that they are sufficiently protected against the unpredictable nature of the current situation.

Andy Halstead, HomeLet and Let Alliance Chief Executive Officer

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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