The average rent in the UK has reached another record high of £1078, up 0.8% on last month, according to the latest market analysis from HomeLet.
The data shows that when London is excluded, average UK rents now stand at £910, a rise of 0.9% against last month. All regions across the UK have witnessed an increase in annual variance.
Average rents in the capital have risen again to an average of £1,770 PCM – an increase of 0.7% on last month’s figures. However, the largest monthly variance was seen in the South West - up 1.8% to an average of £1,017 PCM.
Scotland saw the largest annual variance at 12.9% - pushing the average rent in Scotland up to £770.
Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: “As predicted in recent Rental Index commentary, demand will continue to outstrip supply, and when that is the case, rent prices will surely continue to grow. The March figures are a perfect example of this, with the average rental price for the UK rising almost an entire percentage point in the space of a single month.
“Issues surrounding the cost of living and energy prices have been widely reported in recent weeks, and it will be in absolutely no one’s interest if a lack of supply means that rental properties continue to be so hard to come by for consumers. The country is reliant on a strong rental market, a fact that was underlined again and again throughout the peak of the pandemic.
“Our group will complete over a million checks for new tenancies in 2022; we’ve seen the level of fraudulent applications triple in the last few years. As demand and rental prices rise, fraudsters are trying to obtain access to properties to support criminal activity or illegally sublet it. Selecting suitable tenants is crucial for a successful tenancy, and we’re seeing the sophistication increase with fraudulent activity. The need for trusted checks that use technology with the support of experienced referencing professionals has never been more critical. Landlords are becoming more aware of the risks, with the need for trusted checks and the support professional managing agents can provide in today’s market.”