The HomeLet Rental Index for March has revealed that average rents are at their highest level since the index was launched in 2014.
The average rent in the UK is now at a record high of £992 – the fourth increase in as many months. When London is excluded, the average rent in the UK is now £847, showing an increase of 1% on last month.
Rents in London continue to fall, down by 5.2% in the year to March 2021, the tenth month in a row that the annual rate has fallen.
Commenting on the data, Andy Halstead, HomeLet & Let Alliance CEO, said: “Property professionals know that the private rented sector works best when there's balance. Ultimately landlords want good tenants, and tenants want a quality property at an affordable price.
“With almost 1 in 5 people living in the private rented sector, it’s fitting that the Government should focus on it, with an informed policy that strives to achieve a balance between letting agents, landlords and their tenants, but unfortunately that isn’t the case at the moment. The continued increase in rents above the rate of inflation is a symptom of current policy.”