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Average UK rent price rises to new record high of £1,103pm

HomeLet has released it latest May 2022 Rental Index, which has revealed another record high price of £1,103pm. 

The headlines from this month’s report are:   

  • The average rent in the UK reaches another record high of £1,103pm, up 1.1% on last month. 
  • When London is excluded the average rent in the UK is now £928, up 0.9% on last month. 
  • Average rents in London have risen again. Rents in the capital have risen to a new average of £1,832pm – an increase of 1.6% over last month. 
  • Northern Ireland saw the largest monthly variance, with rents 1.7% higher than last month.  

Commenting on the latest figures, Mike Dawson, head of sales for Let Alliance, said: “With continued universal pressure on households, we’re seeing tenants stay in properties for more extended periods. However, as summer approaches, we expect tenants to move at a much higher rate, which means average rents for new tenancy agreements will continue on an upward trajectory.   

“The rental market plays a critical role in satisfying the UK’s housing needs, and the long-awaited Renters’ Reform Bill needs to strike the right balance by protecting both tenants and landlords. With many landlords already exiting the market, the government’s commitment to legislation will provide the biggest change to rental law in a generation and shouldn’t risk marginalising landlords even further.”  

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