HomeLet Rental Index
For November 2023, the data shows that the average rental price for a new tenancy in the UK was £1,279.
Average UK rent
The average rent in the UK is now at £1,279, up 8.85% on the same time last year but down by 0.3% from last month’s figures.
Average UK rent (excluding London)
Excluding London, the average UK rent price is 9.1% higher than last year up to £1,066 PCM, but is down by 0.2% compared to October 2023.
London's average monthly price
London’s average monthly price has decreased by 0.8% from last month to £2,174 PCM, but still 8.1% higher than in November 2022.
The cheapest region in England, the North East, saw a price decrease since October 2023 figures, up -1.8% to £665.
Average rent in Wales
Average rents in Wales rose to £867 PCM, 0.5% higher than last month and 7.7% higher than November 2022.
Largest MoM increase
The East of England saw the highest monthly increase - up to £1,223, a 0.6% rise since October 2023.
The largest and most reliable source of average rental index data in the UK
The Rental Index data is qualified through high-quality tenant referencing, carried out on behalf of over 4,500 UK letting agents. As a group we reference over 1m tenants a year, enabling reporting on newly agreed tenancy applications, with historic data for over 13m tenancy applications.
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:
“Though the autumn budget laid out by the Government indicated more support for renters, in areas such as London, which has seen rent increase by £417 since 2021, this money will barely scratch the surface when it comes to managing increasing costs. The problem is not just rising rent payments, but also the increasing cost of food and other household bills.”
“I hope this is a sign of more positive movement in the market on the horizon, as spiralling costs are beneficial for neither landlord nor tenant; and we strive to support both. Especially for landlords with mortgages, the outlook is bleak for some time to come. The worst outcome possible for landlords is tenants failing to pay rent, everyone loses. There has never been a more important time for landlords to protect their rental income.”
Andy Halstead | HomeLet & Let Alliance Chief Executive Officer
Rental figures from the November 2023 HomeLet Rental Index
The table below provides a regional breakdown of the latest average rental values in the UK.