HomeLet has released its rental index figures for July 2023, showing UK average rental prices continuing to rise, even in the typically cheaper regions.
The average rent price in the UK for July 2023 was £1,243.
Excluding London, the UK average is now £1,037 per calendar month (pcm)
Every region has seen an annual rent increase, with Scotland showing the largest, up 15.8% since July 2022 to £973pcm
The North East of England is the cheapest area to rent in the UK, at just £636pcm.
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:
“July’s average rental price has now hit an astonishing £1,243, the highest average yet. This all-time high paired with every region of the UK seeing a month-on-month price rise is a concern for both tenants and landlords.
“We’re edging closer and closer to a situation in which a large portion of potential tenants are simply unable to live, which is a dangerous situation for the market to be in.
“It is worth saying that extreme rental prices does not equate to all-time high margins for landlords either!
“The North-East has been out of kilter with the rest of the UK in recent months with few price rises. However, July 2023 has seen even the North-East rise 1.8% to £636pcm.
“The nation-wide skyrocket in rent and mortgage increases is proof that no one is winning, when will it be put to a stop?
“At the other end of the country, London’s average rental price towering above £2,000pcm appears to now be the norm, a milestone that was only breached for the first time less than a year ago.
“Now hitting £2,109pcm, London’s crazy rental market is mirroring the UK as a whole and shows no sign of slowing down – the madness continues!”
The HomeLet Rental Index now includes data from both HomeLet and Let Alliance. The Rental Index utilises data from over 1 million references processed each year on behalf of 5,000 UK letting agents.
