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Tenants paying record rents across the UK

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UK rents have reached record new highs and hit an average of £1,297 a month in London.

According to the July 2013 HomeLet Rental Index, rents in six of the UK’s 12 regions reached record levels, including Scotland (£627), the North West (£657), the East Midlands (£580), Yorkshire and Humberside (£607) and Wales (£603).

Tenants in the Greater London area are also paying more rent than ever before, at an average of £1,297 per month.

The national average rent increased by 1.8% in July alone to reach £826 – the highest level ever recorded and the second consecutive monthly record.

Andy Richards, HomeLet’s business development director, said: “Record rents have been recorded from regions across the whole of the UK, which suggests demand for rented homes is at its highest no matter which region people live in.

“However, Greater London remains 86.4% more expensive than the rest of the UK, with tenants in the capital now paying almost £1,300 per month to live in a rented home.

“The average amount a tenant earns increased by 1.3% during the past month to £28,500, which is also 2.5% up from the same time last year. Average rents increased by 1.8% and 3.6% during the same time periods though, suggesting tenants are paying the price for the increase in demand.

“Regulation of the private rented sector and lettings agents’ fees have once again been widely reported recently. However, this could lead to even steeper rises in monthly costs if fees are passed to tenants through an increase in rents.”