The average UK rental price has hit another all-time high of £1,261pm, increasing a further 1.4% from last month. Excluding London, the average price of rent in the UK is £1,051pm, also up 1.4% from last month. Meanwhile, London rents continue to soar, up 1.7% in just a month to a new high of £2,145pm, according to HomeLet.

HomeLet chief executive officer Andy Halstead says: “As summer 2023 prepares to bow out and temperatures drop, rental price records continue to soar across 50,000 new tenancies referenced by Homelet during August alone.  

“The average monthly rent reached £2,145 per month with London included, and outside of London, an incredible £1,051 per month, every single region is reporting a sizeable month-on-month increase. These figures, on top of the current cost of living, are jaw-dropping.

“It isn’t just tenants who are feeling the financial strains of increasing rental prices. The exacerbating economic issues around rental prices are also leaving landlords with increasing rent arrears, resulting in struggles to make mortgage payments and other expenses. It really is a vicious circle, with very few winners. We see no end to the madness, with rental supply coming under more pressure as landlords try and exit the market.”