According to the latest research* published this week, the average rent across the UK has risen by 5.9% over the past 12 months reaching £1,007 per month – a record high.
Every region in the UK reported an increase in rents. When London is excluded, the average UK rent is currently 8% higher than this time last year and 10% higher than pre-covid levels in 2019.
Here in Scotland, we saw the most significant month-on-month growth in rents with an increase of 4.4% to £738 from May to June this year. With tenants looking for more space and access to a garden or balcony/roof terrace, the average rents have been pushed up.
Many industry experts believe that even though measures were put in place during the pandemic to help tenants, there wasn’t enough help and protection for landlords. However, increased costs for landlords led to increased costs for tenants and the stock level has been impacted by landlords exiting the market.
The private rented sector is critical to the UK’s housing market and it’s essential that affordable housing is available for tenants. This is the first time that the average UK rental price has topped the £1,000 mark – but supply and demand has continued to drive prices upward and this trend looks set to continue.