Rental boom in rest of UK eclipses London's decline

Posted: 01/07/2021

THE AVERAGE RENT IN THE UK IS NOW
£854, UP BY 6.4% ON LAST YEAR

The race to leave London in search of outside space and better working from home conditions has hit the rental market, as UK average rents outside of London soar to higher levels and drop in the capital.

According to Homelet's rental index for May, the average rent in the UK is now £997, up by 4% on the same time last year and another record-high average price.

The trends reported within the HomeLet rental index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.

Every region bar London saw a rise in rent prices year-on-year – when excluding London, the average rent in the UK is now £854, up by 6.4% on last year.

Meanwhile, rents in London continued to drop year-on-year to £1,583, down by 0.9% on last year, the twelfth decrease in annual variance in subsequent months.

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