The UK rental market has seen a significant increase in rental prices for April 2023, according to the latest figures from leading property data provider, HomeLet. The average rental price has risen by 1.3% to £1,199 per calendar month (pcm) compared to the previous month.
Excluding London, the average rental prices have also increased by 1.3%, reaching £1,006pcm. The Southeast and Scotland experienced the largest monthly increase with rental prices rising by 2.1% from last month, taking average rents to £1,277pcm and £868pcm respectively.
London's rental prices continue to soar with an average rental price of £2,003 pcm, up by 1.2% from the previous month.
The CEO of HomeLet, Andy Halstead, commented on the data: “The rental prices across the UK are on the rise, with every region experiencing both monthly and annual growth. With the shortage of rental properties available, tenants are struggling to find suitable properties, resulting in higher offers and multiple bids on the same properties.”
Halstead added, “The rental market shows no signs of slowing down, and with a limited number of rental properties available, rental prices are expected to continue to rise. Prospective tenants need to act quickly and efficiently to secure their ideal property.”
Stay tuned for further updates and insights into the UK property market.