HomeLet: Average rents rose by 3.5% in December
Average rents across the UK rose by 3.5% in December compared to the same month in 2018, HomeLet’s December Rental Index has found.
This is significantly higher than the rate of inflation, recorded at 1.8% in the Consumer Prices Index (CPI) in December.
The average monthly rent is now £953.
Franz Doerr, founder and chief executive at flatfair, said: “The continued rise of rental prices across the country is impacting renter’s ability to access the homes that they really want.
“And as rents rise towards £1,000 pcm on average, so do the upfront costs that people have to scrape together every time they move.
“There needs to be action taken at both government level and within the property industry to reduce the burden of renting.
“The technology already exists to help renters, such as flatfair’s deposit alternative that strips away the need for onerous upfront rental costs, while offering unrivalled protection for landlords from any damages or rent arrears.
“Renting can be fairer for everyone if we embrace existing tech-driven platforms that are transforming renting.”
Rents in London increased by 2.1% in December, meaning the average rent in the capital now stands at £1,630 a month which is 71% higher than the UK average.
When London is excluded, the average rent in the UK was £793 in December.