NOVEMBER 2023
HomeLet Rental Index
For November 2023, the data shows that the average rental price for a new tenancy in the UK was £1,279.
£1,279 -0.3%
Average UK rent
-0.3%
Change monthly
+8.9%
Change annual
Average UK rent drops by 0.3% to £1,279
The average rent price in the UK for November 2023 is £1,279.
Excluding London, the UK average is now £1,066.
Every region has seen an annual rent increase, with Scotland showing the largest, up 9.63% since November 2022 to £922 PCM.
The North East of England is the cheapest area to rent in the UK, at just £665 PCM.
Further details and data tables can be found in the full report.
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.
Cheapest rent
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.
INDUSTRY INSIGHT
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:
Rent prices across the UK have increased by nearly 10% in a year and are up more than 20% in two years.
“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.
| Region | Nov-23 | Oct-23 | Nov-22 | Nov-21 | Monthly Var | Annual Var | 2021 Var | £+PCM |
|---|---|---|---|---|---|---|---|---|
| Scotland | £922 | £952 | £841 | £740 | -3.2% | 9.63% | 24.6% | £182 |
| Greater London | £2,174 | £2,192 | £2,011 | £1,757 | -0.8% | 8.11% | 23.7% | £417 |
| North West | £1,014 | £1,016 | £929 | £835 | -0.2% | 9.15% | 21.4% | £179 |
| Yorkshire & Humberside | £870 | £875 | £790 | £736 | -0.6% | 10.13% | 18.2% | £134 |
| East Of England | £1,223 | £1,216 | £1,108 | £1,030 | 0.6% | 10.38% | 18.7% | £193 |
| South East | £1,365 | £1,370 | £1,240 | £1,129 | -0.4% | 10.08% | 20.9% | £236 |
| North East | £665 | £677 | £627 | £575 | -1.8% | 6.06% | 15.7% | £90 |
| West Midlands | £940 | £937 | £871 | £785 | 0.3% | 7.92% | 19.7% | £155 |
| Northern Ireland | £879 | £887 | £781 | £737 | -0.9% | 12.55% | 19.3% | £142 |
| East Midlands | £872 | £869 | £796 | £729 | 0.3% | 9.55% | 19.6% | £143 |
| Wales | £867 | £863 | £805 | £742 | 0.5% | 7.70% | 16.8% | £125 |
| South West | £1,141 | £1,140 | £1,085 | £964 | 0.1% | 5.16% | 18.4% | £177 |
| UK | £1,279 | £1,283 | £1,175 | £1,058 | -0.3% | 8.85% | 20.9% | £221 |
| UK excluding Greater London | £1,066 | £1,068 | £977 | £889 | -0.2% | 9.11% | 19.9% | £177 |
Regional data
You can use our interactive graphs to view the change in rental values over the past two years for each of the reported regions of the UK.
Catch up with the latest industry news from HomeLet
View all of the latest news, views and tips from HomeLet to stay up to date with the rental industry.
The HomeLet Market Survey
In November 2022, HomeLet published our Market Survey, in which over 14,000 tenants and landlords provided their views and concerns for the future of the private rented sector (PRS).
As one of the most informative surveys to come out of the industry in recent years, it offers letting agents valuable data and insights which will be extremely useful when planning for the future. Agents need to know the profile and intentions of their customers to be able to advise them, offer the required services and support, and market properties well.
As featured in
Methodology
The HomeLet Rental Index incorporates a methodology designed in conjunction with a professor at the London School of Economics. The methodology factors in important elements, such as property type and geography, to create mix adjusted averages. This makes Britain’s most comprehensive rental market benchmark even more insightful. The methodology has been applied retrospectively to our historical rental market data to ensure that the Rental Index can continue to be used to provide analysis of trends in the private rental sector.
The index and average prices are produced using HomeLet’s mix adjusted rental index methodology. This helps to track the representative rental values over time, which factor in changes in the mix of property types and locations of rented properties.
Data is gathered from our tenant referencing service, and our rental amounts are based on actual achieved rental prices with accurate tenancy start dates in a reported month, rather than advertised costs. The data used in the HomeLet Rental Index is aggregated to regional, county and city level only. This ensures that all property or individual records remain strictly anonymous.
The HomeLet Rental Index is prepared from information that we consider is collated with careful attention, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue this report. The HomeLet Rental Index may not be used for commercial purposes; we shall not be liable for any decisions made or action taken in reliance upon the published data.
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