Annual rental growth across remained in double-digits during September, with the average cost of a new let up 11.7 per cent on the same period 12 months ago.
This figure - from lettings agency Hamptons - is the second fastest increase the agency has seen, surpassed only by August’s figure of 12.0 per cent.
The average rent in Great Britain now stands at £1,325 pcm, up from £1,186 in September 2022.
Rents are rising faster in London than anywhere else. The average cost of renting a property in the capital was £322 pcm or 15.7 per cent more expensive than it was at the same time last year.
Both Inner and Outer London recorded double-digit rental growth, but rents in Outer London (up 16.2 per cent) rose faster than anywhere else in the country. The average Outer London rent last month (£2,241 pcm) was higher than the average Inner London rent two years ago in September 2021 (£2,186 pcm).
Nationally, rents are rising at a double-digit pace in most regions. However, the rate of growth slowed slightly from last month, with rental growth in the fastest-rising regions dipping. Southern England and Scotland bucked this trend, with rental growth continuing to accelerate from an already high level.
|
|
Average monthly rent |
YoY % |
YoY £ |
|
Greater London |
£2,376 |
15.7% |
£322 |
|
Inner London |
£3,087 |
12.1% |
£332 |
|
Outer London |
£2,241 |
16.2% |
£313 |
|
East of England |
£1,247 |
11.3% |
£126 |
|
South East |
£1,354 |
9.5% |
£117 |
|
South West |
£1,171 |
7.6% |
£83 |
|
Midlands |
£935 |
10.6% |
£90 |
|
North |
£889 |
8.7% |
£71 |
|
Wales |
£791 |
5.2% |
£39 |
|
Scotland |
£950 |
14.9% |
£123 |
|
Great Britain |
£1,325 |
11.7% |
£139 |
|
Great Britain (Excluding London) |
£1,055 |
9.3% |
£89 |
Source: Hamptons
This article is taken from Letting Agent Today