Rents Increase 8 Per cent In Last 12 Months

Tenant and landlord insurance provider HomeLet has released their latest rental index, showing the average rent in the UK is up by 8.3 per cent on this time last year. 

 

This Is Money reports that according to the data from HomeLet, the average rent for a month is now at £1,060 per calendar month, and even when London rental prices are removed from the equation, the figure drops to £893, which is an increase of 6.6 per cent on the same time last year. 

 

While it may not be good news for renters, it is news that will certainly be welcomed by landlords. 

 

The largest regional increases over the whole year were seen in London, where averaged rents now top £1,752 at the end of 2021, which equates to an increase of 12.6 per cent from December 2020. 

 

Andy Halstead, the chief executive of HomeLet and Let Alliance, said that 2021 ended with an imbalance between supply and demand, which is expected to continue well into 2022 and will see rents continue to rise throughout the year. 

 

He added that he has seen the government focus on the rental sector, with the Renter’s Reform Bill – which is expected soon – likely to abolish Section 21, the clause that allows landlords to end ‘rolling’ contracts with two months’ notice, without needing to give 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,” he said. 

 

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