New figures have revealed that the UK’s average rental price has reached an all time high - with the South East seeing the biggest increase.
Rental index figures for April 2023 from HomeLet have shown that the UK’s average rental price has continued to rise, reaching £1,199 per month.
This is an increase of 1.3 per cent from last month, when the average sat at £1,184.
In the South East, there was the largest monthly variance (tied with Scotland), with a 2.1 per cent increase in average rent - meaning that the region’s average has now hit £1,277.
The data comes from actual achieved rental values for just-agreed tenancies arranged in the most recently tracked period.
Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, commented: “Rental prices continue to rise across the board, with every region showcasing a monthly and annual rise.
“The situation we’re hearing about daily is one where tenants struggle to find available rental properties. Offers for rental properties are often rising above the asking price, with many landlords receiving multiple offers for their properties.
“Rising rents coupled with a continuing high cost of living means that Rent Guarantee insurance should be a serious consideration for all landlords – spiralling rental costs and dwindling disposable income is sure to result in more tenants finding themselves unable to pay their rent, and landlords must be prepared for this.
“The quantity of rental properties on the market is showing no signs of a sudden rise, so prices are likely to continue to rise, with prospective tenants left with a battle on their hands to secure a suitable property.”