This per calendar month rise is a 9.6 per cent increase on rental prices from a year ago, according to HomeLet’s latest Rental Index
UK average rents rose 0.6 per cent to £1,283 in October from a month ago, while increasing further to reach a record high in London, presenting “a bleak” picture for tenants, according to data from HomeLet.
This per calendar month rise is a 9.6 per cent increase on rental prices from a year ago, according to the letting agency’s latest Rental Index.
It further says that in Greater London rents surged to a new high of £2,192 a month.
Over the last month, lets increased by 1.35 per cent in the North East, 1.29 per cent in Wales and 1.26 per cent in Northern Ireland, as per the study.
Excluding London, average rents increased 0.7 per cent to £1068 per calendar month in October, up 9.4 per cent from this time last year.
The survey points out that increasing rents are failing to match wage rises, adding that tenants can expect to pay 32.7 per cent of their wages in rent, which is 2.1 per cent higher on a year ago.
In the capital, people can expect to pay 38.8 per cent of their wages on rental costs.
The study comes as the BoE’s Monetary Policy Committee today held rates at 5.25 per cent, as it did in September.
UK inflation remains unchanged at 6.7 per cent in the year to September, while wages increased by 8.5 per cent in the year to July.
HomeLet & Let Alliance chief executive Andy Halstead comments: The picture, to put it frankly, is bleak in the UK.
He adds: Rent prices in our country have risen around 10 per cent in just a year, and the last few months specifically account for that huge surge.
Halstead adds: Renters are being priced out, and homeowners are left with nobody to fill their vacancies.