The common month-to-month hire paid on newly-let houses throughout Britain was £125 or 11.1% greater in April than a 12 months earlier, in keeping with an index.
This typical month-to-month enhance equates to an additional £1,500 being paid per 12 months.
Common rents paid for newly-let houses reached a brand new excessive of £1,249 per thirty days in April 2023, in keeping with property agent Hamptons, whose lettings index has been working for simply over a decade.
It mentioned rental development has pushed the typical month-to-month hire on newly-let properties exterior London over the £1,000 mark, at £1,002.
This got here lower than three years (34 months) after the typical hire for the entire of Britain, together with London, handed the identical milestone in July 2020.
Aneisha Beveridge, head of analysis at Hamptons, mentioned: “It was again in July 2020 that the typical hire throughout the entire of Nice Britain (together with London) final handed the £1,000 pcm (per calendar month) mark.
With rents on the open market rising shortly, tenants will face the selection of staying put or transferring to a smaller house in a extra inexpensive space
Aneisha Beveridge, Hamptons
“However simply 34 months later, hovering rents since Covid have meant that the typical hire within the areas exterior of London has handed that very same milestone.”
She added: “With rents on the open market rising shortly, tenants will face the selection of staying put or transferring to a smaller house in a extra inexpensive space.
“Whereas anybody selecting to take a seat tight tends to face smaller rental will increase than these transferring house, they aren’t immune.
“Affordability constraints will seemingly hit the brakes on rental development in some unspecified time in the future this 12 months, nevertheless, it’s unlikely to gradual significantly as a result of variety of landlords trying to go on their rising prices.”
Hamptons’ lettings index makes use of information from the Countrywide Group to trace adjustments to the price of renting.
The index is predicated on 90,000 houses let and managed by Countrywide every year. It’s primarily based on rental costs paid somewhat than marketed rents.
Listed below are common month-to-month rents on newly-let properties in April 2023 and the annual enhance in share and money phrases, in keeping with Hamptons:
– Larger London, £2,210, 17.2%, £324
– East of England, £1,169, 6.2%, £68
– South East, £1,326, 8.1%, £99
– South West, £1,082, 4.0%, £41
– Midlands, £880, 9.2%, £75
– North of England, £836, 9.8%, £74
– Wales, £766, 3.7%, £27
– Scotland, £848, 12.8%, £96
– Britain, £1,249, 11.1%, £125
– Britain (excluding London), £1,002, 7.8%, £72
