Home > News > UK rents growth exceeds 2% for the second quarter in row

UK rents growth exceeds 2% for the second quarter in row

Average UK rents rose by more than 2% for the second quarter in a row during Q3 2022, according to The Deposit Protection Service (The DPS).

The UK’s largest protector of deposits said that average rents in the country during Q3 2022 increased by 2.18% (£19) to reach £889, an increase of 8.68% (£71) since Q3 2021.

The organisation also said that rents in London accelerated by 4.24% (£61) to £1,499 during Q3 2022 and that average rents in the capital increased by 11.95% (£160) between Q3 2021 and Q3 2022. The UK’s current annual inflation rate is 10.1%.*

Matt Trevett, Managing Director at The DPS, said: “Rent increases continued across the UK during Q3 2022 due to well-documented shortages in rental stock and general increases in the cost of living.

“Ongoing demand for larger properties in London, as well as flats during the past 12 months, is driving the significant rent increases we see in the capital.

“To secure a property, tenants are still willing to pay historically high rents.”

Paul Fryers, Managing Director at Zephyr Homeloans, a specialist buy-to-let mortgage provider also part of the Computershare group, said: “Increases in the cost of living and property finance mean that landlords are facing higher maintenance, insurance and other costs.

“It’s more important than ever that brokers do all they can to source the right mortgage deal for their landlord customers.”

The DPS said that five regions – Yorkshire, the North West, East Midlands, Northern Ireland and the East of England – saw rent increases of more than 2% during Q3 2022.

Rents in Scotland increased by £59 (8.91%) to £721 between Q3 2021 and Q3 2022, said The DPS.

The organisation added that rents in the North West increased by £57 (8.98%) to £692 during the same period.

HICH LTD has continually raised the quality standards in the UK property survey market. Our multi-award-winning property survey service has made us the leading reference in the property survey market.

We offer property survey services of the highest quality. Using state-of-the-art equipment, we provide top-notch property surveys at affordable prices. Our prices are based on the number of rooms rather than the value of the properties, so you will always get the best value for money with our services.

Please look at our Trustpilot page and see why customers have chosen us as their favourite property survey provider!

At HICH LTD, we work to serve our clients and make the world a better place for everyone. We actively collaborate with NGOs to promote environmental, social and charitable causes. If you want to know more about our efforts or how you can help, contact us at hichinfo@aol.co.uk.

HICH LTD extends a warm invitation to contractors and service providers throughout the UK to join our network; by joining the Contractors and Service Providers Network, you will enjoy benefits such as a significant increase in customer flow, advertising on our high-traffic website, and direct contact with thousands of customers in your zip area. Find more information here or by following the QR code in the following video.