The latest lettings market index shows another big rise - with London at its highest-ever level.
HomeLet says the average UK rent is now £1,213, a 1.2 per cent rise from last month’s average of £1,199 pcm.
Excluding London, the average price of rent in the UK is £1,016 pcm, which is up 1.0 per cent from the previous month and up 9.5 per cent from the previous year.
Scotland saw the highest monthly increase of the UK with rental averages rising 2.6 per cent in a month.
The UK’s cheapest rental area, the North-East, saw another dip, dropping 2.0 per cent month-on-month to £632 pcm.
Andy Halstead, HomeLet & Let Alliance chief executive, says: “Rental prices remain high, which brings a level of risk for both tenants and landlords. We are again urging landlords to consider Rent Guarantee insurance as the likelihood of tenants struggling to pay their rent grows with each passing month.
“The London rental market in particular shows no signs of slowing down – there have only been a handful of occasions on which the monthly average has been recorded above £2,000 PCM, with this month’s average of £2,039 PCM going down as the highest ever recorded.
“The fact that the London market is rising in terms of average price while the cheapest area in the country (North-East of England) is falling shows that the level of demand somewhat depends on location, but as a broad rule, there is a shortage of rental properties to meet demand, with many prospective tenants facing a real battle to secure a property. This frenzied market is likely to see prices continue to rise in the coming months.”
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Simply correlates with big rises in mortgage interest payments.
Just who knew….. 🤔 fyi…. Everyone 👌🏻
Is only going to get worse. I’m going through 2 remortgages now. Both properties had a tenant change in the last year - so the rents went up with the market. After the remortgage - these properties will just about break even.
My options for these 2 are:
1 increase the rent again to ensure there is money in the pot for repairs etc.
2. Sell and pay down my other mortgages.
3. Run as serviced accommodation (which I have no interest in doing)
There are plenty of landlords out there that will be coming to the end of their 2 year fixes, and they too will be facing the same dilemma. All of the options above will lead to rent increases either directly or through reduced supply.
Totally agree, have never put my rents up mid tenancies, I will now be putting them up next year like I did this year !! It’s either that or I sell the lot now.
It’s not only about mortgage rates it’s also general inflation, increased risk post RRB, taxation, cost of pointless licensing schemes and a host of other ‘red tape’ issues.
Strip out the never ending additional costs imposed, inflation, Mortgage’s, licensing Compliance and ULEZ in London then clearly most rents haven’t gone up at all but in real return has gone down.
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