HomeLet has released its Rental Index figures for December 2021, reporting a small monthly increase of 0.2% in the average UK rent price. However, the average rent in the UK is now £1060, which is up by 8.3% on the same time last year.
When London is excluded, the average rent in the UK is now £893, up by 6.6% on last year. Average rents in London were £1,752, an increase of 12.6% on Dec 2020.
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance CEO, said: “2021 ended with an imbalance between supply and demand, and this is a trend that we are expecting to continue into 2022. This trend will almost certainly lead to a continuation of rental price growth as the year develops.
“We have again seen the Government focus on the rental sector, with the Renter’s Reform Bill likely to abolish Section 21 – the clause which gives landlords the option to end ‘rolling’ tenancies with two months’ notice without giving a reason. We have repeatedly seen the Government make things harder for landlords, who are already the cornerstone of the rental market upon which the UK relies so heavily. Increased legislation for landlords is putting the rental sector at risk, and the UK Government must reconsider.”