The latest edition of the HomeLet Rental Index shows a near double-digit average annual rent rise across the UK.
Renters can now expect to pay £1,283 pcm for the all-UK average, or £1,068 pcm outside of London. This is up 0.55 and 0.66 per cent respectively from last month alone, and a hefty 9.56 and 9.43 per cent respectively compared to this time last year.
As rising prices fail to match wage increases for many, renters in the UK can now expect to pay nearly a third (32.7 per cent) of their wages in rent, which is a 2.1 per cent increase compared to this time in late 2022.
In the capital, people can expect to pay nearly two fifths (38.8 per cent) of their wages in rental costs.
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance chief executive officer, says: “The picture, to put it frankly, is bleak in the UK. Rent prices in our country have increased by almost 10 per cent in just a year, and the last few months in particular account for that huge surge. In the summer, the increase was around five per cent year or year, so you can see the hopelessness of the situation as we head towards the winter months.
“There have been a few news articles and comments from the Government recently about how the cost-of-living situation is starting to look more positive and inflation is slowing. However, our data shows that rents still rose in most regions across the country between September and October 2023. So what do we believe?
“Rent has increased month-on-month by as much as 1.35 per cent in the North East, 1.29 per cent in Wales, 1.26 per cent in Northern Ireland – plus 0.55 per cent across the UK in general. As we collate this data every month, we hope one day to see negative figures in the monthly variances, and more affordable rent for all. But as it goes on, our hope is dwindling.
“It really feels like there’s no end to this madness, it’s utter chaos. We’ve been watching rent prices creep up every month and know this is an unsustainable future for both tenants and landlords alike.
“Renters are being priced out, and homeowners are left with nobody to fill their vacancies. I believe we need to see an end to these soaring prices, and fast, before we have a full rental crisis on our hands in the UK. Let’s watch this space.”
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