The average rent in the UK now stands at £1,058 per calendar month (pcm) as of November 2021. This average has dropped slightly according to the latest figures.
In London particularly, the average rent has seen a slight decrease by 0.1% from October’s average. The figure now stands at £1,757pcm.
If you exclude London, the average rent in the UK is now up to £889pcm which is an increase from the last month by 0.1%. This is according to data gathered by HomeLet.
The area outside London which saw the most significant monthly rise specifically, was Yorkshire and Humberside. The average price rose by 1.2% to £736pcm.
Andy Halstead, HomeLet and Let Alliance chief executive officer, commented: “2021 has been a strange year, with the effect of the pandemic still being seen across the housing market. Despite the disruption and uncertainty, we’ve all seen this year, we have referenced almost a million tenants, which highlights the considerable level of demand we’re still seeing. People still need and want to move home, and the lettings industry’s role, including letting agents, has been invaluable in making this happen.
“The private rented sector has remained exceptionally resilient, and demand for property has remained high, something we expect to continue seeing as we shortly say goodbye to 2021 and look forwards to the opportunities 2022 will bring.
“The UK need landlords; if demand continues to outstrip supply, then prices can only go up. Typically, we might see a rise in rental prices for desirable or emerging areas, but high demand has been seen for some time now, and that applies to practically every area of the UK. With fewer new properties coming up to rent when compared to pre-pandemic levels, we can expect the trends we see continuing throughout 2022.”
Take a look at the Average Rental Values for New Tenancies here: https://propertyindustryeye.com/the-prs-remains-exceptionally-resilient-thanks-to-high-tenant-demand/