Fastest-Ever Rent Increases in UK: ONS Report

Private rents are rising at the fastest-ever rate since record-keeping started in January 2006 and show no signs of slowing, according to the latest official figures. 

Data from the Office for National Statistics (ONS) reveals rents rose by 4.8 per cent in the year to the end of April 2023 - an increase of 0.1 per cent from March.

The areas with the highest rent increases were Yorkshire and Humberside, and London, where rents were up five per cent. After over a decade of low rents, London landlords experienced the most significant rent rise since November 2012.

The North East had the lowest increase of 4.2 per cent.

The ONS report says: “The annual growth rate of private rental prices in the UK began to increase in the second half of 2021. Annual growth was seen across all regions except London, where prices decreased. The annual percentage change in rents increased across all regions in 2022, including in London, and this has continued in early 2023.”

How rents changed where you are

The chart shows how rents for new tenants have changed from 12 months to the end of April 2023.

Index of private housing rental prices to April 2023

Meanwhile, separate data from tenant reference agency Homelet discloses the average UK rent is now £1,199 a month - a rise of 1.3 per cent since March.

The Homelet report confirms rents are rising across the country monthly and annually.

HomeLet CEO Andy Halstead said: “Rental prices continue to rise across the board, with every region showcasing a monthly and annual rise. The situation we’re hearing about daily is one where tenants struggle to find available rental properties. Offers for rental properties are often rising above the asking price, with many landlords receiving multiple offers for their properties.

“Rising rents coupled with a continuing high cost of living means that Rent Guarantee insurance should be a serious consideration for all landlords – spiralling rental costs and dwindling disposable income is sure to result in more tenants finding themselves unable to pay their rent, and landlords must be prepared for this.”

How much rent are tenants paying

The average UK rent is 9.9 per cent up in a year at £1,199 a month, says Homelet.

London's rent is almost double the figure for the rest of the UK at an average of £2,003 a month.

Region

Apr-23

Apr-22

Yearly change

Mar-23

Monthly change

Scotland

£868

£774

12.10%

£850

2.10%

Greater London

£2,003

£1,804

11.00%

£1,979

1.20%

Northern Ireland

£799

£799

10.80%

£795

0.50%

Wales

£811

£734

10.50%

£806

0.60%

South East

£1,277

£1,164

9.70%

£1,251

2.10%

East Midlands

£824

£755

9.10%

£814

1.20%

North West

£958

£878

9.10%

£956

0.20%

East of England

£1,150

£1,055

9.00%

£1,138

1.10%

West Midlands

£886

£813

9.00%

£876

1.10%

North East

£645

£594

8.60%

£639

0.90%

Yorkshire & Humber

£813

£749

8.50%

£804

1.10%

South West

£1,113

£1,035

7.50%

£1,100

1.20%

UK

£1,199

£1,091

9.90%

£1,184

1.30%

UK excluding London

£1,006

£920

9.30%

£993

1.30%

Source: Homelet

Checking buy to let yields

Letting agent Hamptons has tracked the rent agreed on every home purchased by a landlord this year to calculate the average yield.

This is the latest map - the figures are updated quarterly.

To explore yields, search the location and click on the red pin.

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