Rents in Great Britain increased by an average of 2.3% year-on-year in August, fuelled primarily by growth in the South East and South West of England, fresh figures from Hamptons International, part of Countrywide, reveal.
The data shows that the average cost of a new let in Great Britain rose to £996 per calendar month (pcm) in August, led by gains in the South East and South West, which recorded strong annual rental growth of 5.6% to £1,112pcm and 5.5% to £852pcm respectively.
Average rents in London grew 2% to £1,737pcm, while in the East of England they increased by 2.8% to £984pcm and in the North of England they were up by 1.2% to £656pcm.
Meanwhile, Scotland saw rents drop by 0.7% to £654pcm, while in the Midlands they fell by 0.6% to £685pcm.
But Wales saw the greatest drop in rents, with the average price falling by 3.5% to £659pcm, according to the figures.
The index report also looked at how much young people spend on renting a room and found that the average 21 to 29 year old spends more than a third, some 34% of their pre-tax income on rent. This year a single room within a house share cost £566pcm, up 1.2% from £559pcm in 2018.
Out of 20 of the largest cities in Britain, Brighton is the least affordable to rent a room with the average cost at £647pcm which accounts for 35% of a 20 something tenant’s pre-tax income.
London is the next most expensive where room rents account for 34% of a 21 to 29 year old’s income, followed by Glasgow at 33%.
Sheffield is the most affordable city with room rents accounting for 25% of a tenant’s income.
Aneisha Beveridge, head of research at Hamptons International, said: “Tenants in their twenties spend a third of their pre-tax income on room rents in Britain. Yet the cost of trading up to rent a one-bed would take up nearly half of their earnings.
“With its large student population putting pressure on rental accommodation, Brighton is the most unaffordable city to rent a room,’ said Aneisha Beveridge, head of research at Hamptons International.”