The average rental price in the UK has reached £1,229 per month, according to the latest HomeLet rental index.
The figure represents a 1.3% increase from the previous month, with Andy Halstead, HomeLet & Let Alliance chief executive officer, commenting that the rise makes the private rental market “more unstable for tenants and landlords alike”.
Greater London stands out with a significant monthly jump of 1.9%, reaching an all-time high of £2,077 per month. Excluding London, the average rental price in the UK is £1,027, showing a 1.1% increase month-on-month.
However, Scotland has experienced the highest monthly rental increase among all regions, with average prices rising by 5.5%. This surge has led to the highest-ever average rental price recorded in Scotland.
At the other end of the scale, the North-East has seen a further 1.1% decrease from the previous month, resulting in an average rental price of £625 per month.
Halstead commented: “With another increase and UK prices now averaging at £1,229, it is clear that there is a continued risk for tenants and landlords alike, with a very real likelihood that tenants up and down the country might struggle with paying their rent.
“Scotland in particular has seen a soar in the rental market, with a 5.5% monthly swing showcasing an all-time high average rental price of £940.
“The capital shows no signs of slowing down either, with yet another record price recorded in Greater London. It is not so long ago that we were talking about London breaking the £2,000 PCM barrier for the very first time – a big leap to £2,077 PCM is a sign of how a lack of available rental properties is pushing prices up for tenants and making the private rental market more unstable for tenants and landlords alike.”
