Rent for newly let homes outside London passes £1,000-a-month for first time

  • london
  • May 15, 2023
  • Comments Off on Rent for newly let homes outside London passes £1,000-a-month for first time

Renting in Britain has become synonymous with squalid conditions including mould, rodent infestations, and tenants facing discrimination and threats of eviction.

Despite this housing crisis, rents are rising at their fastest rate since records began in 2016.

The average price for newly let properties outside London has passed the £1,000-a-month milestone for the first time, according to property agent Hamptons.

Brits are now paying £125 or 11.1% more monthly, compared with 2022, equating to an extra £1,500 more per year.

This is what renters are facing in the UK

Here are average monthly rents on newly let properties in April 2023 and the annual increase in percentage and cash terms, according to Hamptons:

  • Greater London, £2,210, 17.2%, £324
  • East of England, £1,169, 6.2%, £68
  • South East, £1,326, 8.1%, £99
  • South West, £1,082, 4.0%, £41
  • Midlands, £880, 9.2%, £75
  • North of England, £836, 9.8%, £74
  • Wales, £766, 3.7%, £27
  • Scotland, £848, 12.8%, £96
  • Britain, £1,249, 11.1%, £125
  • Britain (excluding London), £1,002, 7.8%, £72

This comes as Michael Gove is expected to bring his Renters’ Reform Bill before MPs, more than four years after initial consultations.

In theory, it could represent the biggest shake-up of the private rented sector in a generation, but there is speculation some Tory MPs see the legislation as being too harsh on landlords.

Aneisha Beveridge, head of research at Hamptons, said: ‘It was back in July 2020 that the average rent across the whole of Britain (including London) last passed the £1,000-pcm mark.

‘But just 34 months later, soaring rents since Covid have meant that the average rent in the regions outside of London has passed that same milestone.’

She added: ‘With rents on the open market rising quickly, tenants will face the choice of staying put or moving to a smaller home in a more affordable area.

‘While anyone choosing to sit tight tends to face smaller rental increases than those moving home, they are not immune.

‘Affordability constraints will likely hit the brakes on rental growth at some point this year, but it’s unlikely to slow considerably due to the number of landlords looking to pass on their rising costs.’

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