‘Bleak picture’ as rents rise to £1,283 per month

Renters can expect to pay £1283pcm on average or £1068pcm outside of, up a staggering 9.56% and 9.43% compared to this time last year, the HomeLet Rental Index has revealed.

The cost of rents also rose by 0.55% and 0.66% respectively from last month alone.

Andy Halstead, HomeLet & Let Alliance chief executive officer, said: “The picture, to put it frankly, is bleak in the UK. Rent prices in our country have increased by almost 10% in just a year, and the last few months in particular account for that huge surge. In the summer, the increase was around +5% YoY, so you can see the hopelessness of the situation as we head towards the winter months.

“There have been a few news articles and comments from the Government recently about how the cost-of-living situation is starting to look more positive and inflation is slowing. However, our data shows that rents still rose in most regions across the country between September and October 2023. So what do we believe?

“Rent has increased MoM by as much as 1.35% in the North East, 1.29% in Wales, 1.26% in Northern Ireland – plus 0.55% across the UK in general. As we collate this data every month, we hope one day to see negative figures in the monthly variances, and more affordable rent for all. But as it goes on, our hope is dwindling.

“It really feels like there’s no end to this madness, it’s utter chaos. We’ve been watching rent prices creep up every month and know this is an unsustainable future for both tenants and landlords alike

“Renters are being priced out, and homeowners are left with nobody to fill their vacancies. I believe we need to see an end to these soaring prices, and fast, before we have a full rental crisis on our hands in the UK. Let’s watch this space.”

As rising prices fail to match wage increases for many, renters in the UK can now expect to pay nearly a third (32.7%) of their wages in rent, which is a 2.1% increase YoY compared to 2022.

In the capital, people can expect to pay nearly two fifths (38.8%) of their wages in rental costs.