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Rents hit an all-time high as cost-of-living crisis continues, says HomeLet

HomeLet has released its Rental Index for November 2022, reporting that the average rent in the UK reached £1,175pm, up 0.3% from last month. When London is excluded, the average rent in the UK is now £977pm, up 0.1% from last month.  

Average rents in London hit an all-time high - rents in the capital have risen to a new average of £2,011pm – an increase of 1.1% from last month, with this being the first time the capital has gone over an average of £2,000pm.  

The North-West also saw the largest monthly variance, with rents 1.2% higher than last month, up to £929pm. 

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance CEO, said: “The end of 2022 is almost upon us, and the story of the year is one of rapid growth in UK rent prices. In January 2022, the UK’s average rent was £1,064; by November 2022, it had risen to £1,175, a 10% increase in less than a year.  

“We will likely see a challenging year for the private rental sector in 2023. In a recent survey of landlords from Homelet with Dataloft, four out of 10 landlords (40%) named the cost-of-living crisis and its effect on the ability of tenants to pay rent as their biggest concern over the next 12 months.”

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