Rental Prices Rise at Fastest Rate For Nine Years, Figures Show
Wed 20 Sep 2023
The cost of renting a home rose by 12% in the year to August, according to estate agency Hamptons - the highest since it started its survey in 2014.
A typical monthly rent of a newly-let property is now £1,304, it said.
The rise in the past 12 months was more than the increase seen over the four years to 2019, Hamptons said.
Pressure on landlords from high mortgage rates and rising demand from tenants has been pushing up rental costs.
With fewer properties available to rent in many areas, the mismatch between supply and demand has made renting more expensive.
Last month, official figures, covering existing as well as new lettings, showed the rising cost of renting was at its highest level since comparable records began.
Meanwhile stiff competition among tenants for a smaller pool of rental property is leading to rising rents.
The Hamptons research is based on 90,000 homes let and managed by the wider Countrywide Group of estate and lettings agents each year, adjusting for their location and type, and covers achieved rather than advertised rents.
It said the average monthly rent in Britain had crossed the £1,300 mark for the first-time in August, less than a year after passing the £1,200 mark.
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A typical monthly rent of a newly-let property is now £1,304, it said.
The rise in the past 12 months was more than the increase seen over the four years to 2019, Hamptons said.
Pressure on landlords from high mortgage rates and rising demand from tenants has been pushing up rental costs.
With fewer properties available to rent in many areas, the mismatch between supply and demand has made renting more expensive.
Last month, official figures, covering existing as well as new lettings, showed the rising cost of renting was at its highest level since comparable records began.
Meanwhile stiff competition among tenants for a smaller pool of rental property is leading to rising rents.
The Hamptons research is based on 90,000 homes let and managed by the wider Countrywide Group of estate and lettings agents each year, adjusting for their location and type, and covers achieved rather than advertised rents.
It said the average monthly rent in Britain had crossed the £1,300 mark for the first-time in August, less than a year after passing the £1,200 mark.
Read More