The cost of a newly let home rose 9.8 per cent over the last 12 months to £1,125 pcm, marking the fastest level of growth since 2013.
That’s according to lettings agency Hamptons.
This record increase means that just over half of all rental growth recorded during the last five years – 18.2 per cent – across Great Britain has come within the last 12 months.
Regionally, rental growth continues to be led by the South West of England where rents rose 13.9 per cent over the last 12 months.
This was closely followed by London at 12.3 per cent. and then the three Northern regions at 9.4 per cent.
This is the first time since the onset of Covid that London has been in the top three regions for rental growth in the country and this is due to the bounce back in Inner London rents.
Strong rental growth continues to be underpinned by the lack of homes coming onto the market.
There are 30 per cent fewer properties available to rent this April than last, while the fall from pre-Covid levels comes in at almost two-thirds.
The North West (down a staggering 76 per cent) has recorded the largest falls in rental stock anywhere in the country, with few signs of more homes coming on to the market.
| April -22 | April -21 | YoY Change £ |
Greater London | £1,886 | £1,680 | 12.3% |
Inner London | £2,513 | £2,057 | 22.1% |
Outer London | £1,767 | £1,608 | 9.9% |
East of England | £1,227 | £1,146 | 7.0% |
South East | £1,146 | £1,227 | 7.0% |
South West | £1,041 | £914 | 13.9% |
Midlands | £805 | £740 | 8.9% |
North | £762 | £696 | 9.4% |
Wales | £739 | £704 | 4.9% |
Scotland | £752 | £712 | 5.6% |
Great Britain | £1,124 | £1,024 | 9.8% |
Great Britain (Exc. London) | £929 | £856 | 8.6% |
Renters’ Rights Bill: Government is ignoring impact on students -warning