Record High: Average UK Rental Costs Surge, Impacting the Property Market

Wednesday, August 18th, 2021

Average cost to rent hits record high in the UK

The average UK rent now stands at a record £1,007 per calendar month – the highest ever, according to HomeLet.

This is an increase of 5.9% in the past year and a 7% increase over the previous two years.
Prices in London have increased for the first time in over a year. A rise of 1.5% has increased the PCM to £1,607. Excluding London, the average UK rent is actually 8.0 per cent higher than last year, up to £861.
The highest rise in annual rent was in the South West of England. A rise of 10.5% when compared to the previous year, and a 12.6% increase in the previous two years.
Rental costs in Scotland have increased by 4.4% in the past month. Bringing the average price to £738 PCM in June.
Yet, Prices in the North East of England fell by 2.3% this month, bringing the average cost to £547. One of two regions to experience reductions in average rent over a two month period.
HomeLet & Let chief executive Andy Halstead spoke to Property reporter UK.
He states “Some people might be shocked to see the average UK rental price tip over the £1,000 mark, yet supply and demand dynamics will only continue to drive rental prices upwards for the rest of the year, and we’ll see more records broken in 2021.”
Andy Halstead also speaks about the mutual relationship between landlords and renters.