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Another rise in rent prices coincides with a continued cost-of-living increase

HomeLet has released its latest figures in its October 2022 Rental Index, with rising rent prices amid the cost-of-living hike that has hit the UK.

The headline from this month’s report is that the average rent in the UK has reached £1,171pm, up 1.0% from last month. When London is excluded, the average monthly rent in the UK is now £976, up 0.5% from last month.

Average rents in London saw a significant rise - rents in the capital have risen to a new average of £1,989pm – an increase of 2.3% and creeping towards an average of £2,000pm. 

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance CEO, said: “A lot has happened in the past few weeks with (another) new Prime Minister appointed, but away from the chaotic scenes on Downing Street, things are much more predictable in the rental market, with prices continuing to rise monthly.

“The average rental price in Greater London is creeping towards the £2,000pm mark, and the cheapest rental region of the UK, the North-East, also saw a big month-on-month jump in the average rental price. That said, we have seen a slight slowing down in the rate of price rise in most other regions of the country.”

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