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UK: Rent pass £1,200 pcm for first time

In October, the average rent on a newly let home in Great Britain rose to £1,204 pcm, passing the £1,200 mark for the first time. This has cost the average tenant an extra £960 per year in rent compared to last year.

Average rents passed the £1,100 mark back in September 2021, just 14 months ago. Meanwhile, rents crossed the £1k milestone in June 2019 before dipping during Covid and re-passing that point again in August 2020, 15 months later.

So far this year, average rents in five regions have moved into a new £100 price bracket. Greater London was the latest, with rents passing £2,100 pcm for the first time in October 2022. This was driven by rents in Inner London reaching a new record high of £2,863 pcm in October, £1 pcm more than when rents in London’s priciest postcodes previously peaked (in October 2019). This now means that rents in every area of the country are above where they were at the beginning of Covid.

Since the eve of Covid (Jan-2020), rents have risen 19% across Great Britain, equating to an additional £2,351 a year in rent. We’ve seen more rental growth since the beginning of Covid than we did in at least eight years prior. While national rents recovered to their January 2020 levels within eight months, in Inner London, it took 30 months to bounce back.

In October, the average Inner London home cost 9% more to rent than it did in January 2020. Meanwhile, the South West has seen the strongest growth since then, with rents up 32% or £265 per month.

Rapid rental growth over the last few years means that the average privately rented household in Great Britain is now spending 44.0% of their post-tax income on rent, the highest share since our records began in 2010. Two years ago, the average tenant spent 41.6% on rent, up from 39.2% in October 2012.

London remains the least affordable region, with the average rent taking up 62% of the average renting household’s post-tax income. However, weaker rental growth in the capital means that this has increased by just 1% since October 2020, the third smallest rise in the country.

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