Rental Drop In The Lettings Market

Date Published 09 January 2023

The average rent in the UK is now £1,174 pcm, down 0.1% from December after seeing the first month on month decrease over a year. With London excluded, the UK average is £977 pcm with no variation from the previous month.

This data comes from HomeLet, and has also seen average rents in London decrease 0.2% from last month. Although these rents in the capital remain over the average of £2,007 pcm. The North East of England saw the largest monthly variance, with rents 1.4% lower than last month dropping to £618 per calendar month.

More demographic data shows from the latest Census that the Private Rental Sector now provides homes for 20.3% of the population of England and Wales. The same data shows that while the number of home owners has increased, as a proportion of the population it has fallen from 64.3% in the 2011 Census to 62.5% in 2021.