The cost of renting a home in the UK is rising quicker than the rate of inflation, with the average monthly cost up 3.8% in the 12 months to February, according to the HomeLet Index.
The data, based on new lets agreed by landlords and agents using the firm’s referencing service, reveals that the average rent in the UK is now £940 per month. When London is excluded, growth, in percentage terms, was actually a lower rate of 3.2% year-on-year, with the average rent in the UK, without the capital, currently £782pm.
Once again, rents in London remain the most expensive in the UK, at an average of £1,599pm, which is up 4% on last year. But the region with the largest year-on-year increase is the South West, showing a 7.7% rise between January 2018 and January 2019.
Rents in February increased in all 12 regions monitored by HomeLet. Rents continue to rise in response to all of the extra costs landlords have experienced over the last few years, while prices are also being pushed up by strong demand from people struggling to get on the property ladder.