Homelet Rental Index: Rent Price Increases Yet Again in Final Month of 2021

AVERAGE UK RENT PRICE RISES TO £1060 PCM

THE AVERAGE RENT PRICE FOR THE FINAL MONTH OF 2021 WAS 8.3% HIGHER THAN THE SAME TIME IN 2020

  • EXCLUDING LONDON, AVERAGE PRICE RISES TO £893
  • LONDON SEES SMALL DECREASE TO £1,752 PCM
  • SOUTH-WEST SEES LARGEST MOM RISE OF 2%
  • YOU CAN FIND FURTHER DETAILS AND DATA TABLES  HERE

 

HomeLet has released THE RENTAL INDEX figures for December 2021, with a small MOM increase of 0.2% in the average UK rent price.

The headlines from this month’s report are:

  • The average rent in the UK is now £1060, this is up by 8.3% on the same time last year

 

  • When London is excluded the average rent in the UK is now £893, this is up by 6.6% on last year.

 

  • Average rents in London were £1,752, an increase of 12.6% on Dec 2020

 

  • All regions showed an increase in annual variance, with the largest, being Greater London at 6%

 

  • The South-West saw the highest MOM price rise, up 2% to £983 PCM

The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.

The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:

“2021 ended with an imbalance between supply and demand, and this is a trend that we are expecting to continue into 2022. This trend will almost certainly lead to a continuation of rental price growth as the year develops.

“We have again seen the Government focus on the rental sector, with the Renter’s Reform Bill likely to abolish Section 21 – the clause which gives landlords the option to end ‘rolling’ tenancies with two months’ notice without giving a reason. We have repeatedly seen the Government make things harder for landlords, who are already the cornerstone of the rental market upon which the UK relies so heavily. Increased legislation for landlords is putting the rental sector at risk, and the UK Government must reconsider.

“As a final point, we have seen a rise in tenancy fraud in recent times. We’re seeing an increase in volume and sophistication, at a time when the risks and legislation landlords face are growing. To counter this, it is imperative that we see a higher quantity of professional letting agents.”

Table: Final Rental figures from the December 2021 HomeLet Rental Index

Region December-2021 November-2021 December-2020 Monthly Var Annual Var
Greater London £1,752 £1,757 £1,556 -0.3 % 12.6 %
Northern Ireland £724 £737 £651 -1.8 % 11.2 %
North West £844 £835 £772 1.1 % 9.3 %
Wales £736 £742 £679 -0.8 % 8.4 %
Yorkshire & Humberside £737 £736 £682 0.1 % 8.1 %
North East £580 £575 £539 0.9 % 7.6 %
Scotland £738 £740 £687 -0.3 % 7.4 %
West Midlands £786 £785 £735 0.1 % 6.9 %
East Midlands £742 £729 £694 1.8 % 6.9 %
South West £983 £964 £924 2.0 % 6.4 %
East Of England £1,031 £1,030 £983 0.1 % 4.9 %
South East £1,123 £1,129 £1,085 -0.5 % 3.5 %
UK £1,060 £1,058 £979 0.2 % 8.3 %
UK excluding Greater London £893 £889 £838 0.4 % 6.6 %

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