UK Home Rental Prices: Current State
In recent months, the UK has been hurt by rising interest rates and a challenging economic environment. One part of this challenge has been the rising rental prices. In this article, we will take a look at the UK rental market as it stands. The situation has been (and will keep) changing as the economic situation progresses. The intention is to keep you informed on the average rental prices, the changes in those prices and potentially find a more suitable location for you to have more of your hard-earned cash left over once all paid and done.
Here you can see data from www.homelet.co.uk , which states the average UK rent was at £1,276 per calendar month (PCM) in September 2023 (+1.19% on August) and over 10% up on the comparison to 12 months ago.
We can also see that London is a major contributor to a higher UK rental price, coming in at £2,179PCM . If London is pulled out of the stats, the UK average drops to just £1,061 - still higher than past, but still a £200 swing. Safe to say we have found the most expensive place to go for.
On the flip side, if you are hunting for the cheapest, look to the North-East of the country, where the regional average is £668PCM. Wales a couple hundred up on that at £852PCM. Northern Ireland facing the most significant short-term upward move (4.16%) - big!
Switching to https://www.ons.gov.uk/ for the graph above giving you a feeling for how the UK Annual Rent moved alongside London.
The rental market is heated at the moment, especially when you factor in the cost of living challenges the majority of the population are faced with. Choosing the best place to live for you is VERY important, so this is definitely worth investigating more and staying informed. I will periodically write on this topic as I know it means a lot to people, but feel free to explore the links provided.
