Tenants are paying a record high of £1091 to rent as every single region in the UK has seen an increase in average prices.
London remains the most expensive area to rent, with prices having risen to a new average of £1,804 in April, according to the HomeLet Rental Index. It has jumped almost 15%, given that in April 2021 the average rent stood at £1,580.
Rents in the Scotland had the second highest increase, with a tenant there now paying on average £774. That is 12% more from the £689 last April. The North West region saw rents jump 11% to £878 in April.
Overall, outside of London, the South East region commands the highest rent prices, with properties there going for £1,164 a month.
Andy Halstead, HomeLet & Let Alliance chief executive officer, said: “The cost-of-living crisis has been widely publicised, and it is inevitable that energy price rises and extra expense in other areas will mean that it will become harder and harder for tenants to pay their rent every month. Considering the increasing difficulty for tenants to pay rent, and the fact that our internal data shows that fraud is on the rise, it is impossible to escape the conclusion that it is vital for agents to protect their landlords and keep a strong relationship with them by using high quality referencing checks and a water-tight rent guarantee product.
“A broader analysis of the Rental Index data confirms that the demand for rental properties is continuing to outweigh supply massively, which will surely lead to continued price rises to differing extents across the country.
“Finally, we can see that London has well and truly bounced back from a lull during the height of the pandemic, with a strong performance in the capital continued by another price rise.”
When London is excluded the average rent in the UK is now £920, up 1.1% on last month.
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