UK monthly rents hit another record high, averaging £1,261 in August, up 1.4% from a month ago, data from HomeLet shows, as tight housing stock supply continues to force prices higher.
In London, tenant housing costs also hit another all-time high up 1.7% over the same period to £2,145 a month, adds the lettings services firm’s latest rental index.
August is part of the rental market’s busiest period, as prices across the summer are typically driven up by the demand for student lets.
The cheapest region across the country to rent is in the North East, although prices lifted 3% over the last month to £655 a month.
HomeLet & Let Alliance chief executive Andy Halstead says: “Average monthly rent reached £2,145 per month with London included, and outside of London, an incredible £1,051 per month, every single region is reporting a sizeable month-on-month increase.
Halstead adds: “It isn’t just tenants who are feeling the financial strains of increasing rental prices.
“The exacerbating economic issues around rental prices are also leaving landlords with increasing rent arrears, resulting in struggles to make mortgage payments and other expenses.
“It really is a vicious circle, with very few winners. We see no end to the madness, with rental supply coming under more pressure as landlords try and exit the market.”
