Average rent in the UK hits record high
UK rental growth experienced a modest 0.2% increase from May to June, consistent with the previous month’s rise, lettings insurance firm HomeLet has reported.
The average rent in the UK for June 2024 reached a record high of £1,299 per month, up from £1,229 in June 2023. Excluding London, the UK average stands at £1,102.
Scotland saw the most significant rent increase at 3.8%. Other regions with rent increases included Northern Ireland (1.8%), Wales (1.6%), South East (1.5%), East of England (1.2%), West Midlands (0.4%), North West (0.3%), East Midlands (0.2%), and North East (0.1%).
Rents decreased in Greater London (-1.6%), Yorkshire and Humberside (-0.6%), and South West (-0.3%).
“The data and analysis speak for itself: all stakeholders in the private rental sector are managing their way through turmoil, not least landlords and tenants,” said Andy Halstead, HomeLet and Let Alliance chief executive, commenting on the latest HomeLet Rental Index. “Professional Letting Agents have the most difficult task, balancing the needs of both, while working in a political void, with uncertainty everywhere.
“It is rarely quoted that a tenant can now quite easily occupy a rental property for 12 months or so, without paying a penny in rent. While this is a fact, politicians run away from dealing with the challenge.
“A viable private rental sector requires support for all stakeholders, including agents and landlords, this still looks like a pipe dream. Rent guarantee and legal protection have never been more important.”
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