Sustained demand for rental properties has continued to drive up average rents across the UK with a further 0.8% rise recorded in March, according to the latest data released by Homelet.
"The lack of available properties means that the market is likely to continue to be very competitive, so landlords must remain vigilant"
Figures from March 2023 revealed that average rental prices continued to rise after a previous drop in prices at the beginning of the year. As such, the average rent in the UK now stands at £1,184 PCM, following March's rise of 0.8%.
When London is excluded, the average rent in the UK is £993 PCM, up 1.0% from the previous month. London rental prices have slowly started to rise again after experiencing a drop in previous months, with average rental prices hitting £1,979 PCM, 0.2% above the previous month
The North East saw the largest monthly variance, experiencing a 1.6% increase from last month, with average rents rising to £639 PCM.
Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: “With every region of the country reporting a month-on-month rental price rise, it’s fair to say that demand for rental properties remains exceptionally high. It had been interesting to observe a few months of decreased prices in London, but the capital appears to have recovered from a slight dip, in line with rises across the country.
“Given the insufficient housing stock and continued rising rents, rent guarantee becomes ever more essential for landlords and letting agents. As a group with rent guarantees protecting £1.5 billion in annual rents, we are acutely aware of how important it is for landlords to be protected should their tenants be unable to pay their rent.
“The lack of available properties means that the market is likely to continue to be very competitive, so landlords must remain vigilant, and tenants should be aware that finding a suitable property is proving to be a tricky task for many.”