Rental Index April 2022 – Average UK rent price rises to new record high of £1,091 PCM

Rental Index April 2022 – Average UK rent price rises to new record high of £1,091 PCM

4 May 2022

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

This is a 1.2% rise since last month and a 9.5% rise since April 2021.

Excluding London, the average price is now £920, up 1.1% since last month.

Every region in the UK has seen monthly and annual growth.

Greater London has seen the largest increase, up 1.9% month-on-month and 14.2% year-on-year, to £1,804.

The North East is the cheapest area to rent in the UK, having risen 0.8% since last month to £594.

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

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 and Let Alliance Chief Executive Officer

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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