Average Rents in the UK Excluding London Go Up Slightly in November 2021
The recent data by HomeLet shows the average UK rents, excluding London, went up by 0.1% in November 2021 against the prior month.
Specialists calculated the HomeLet Rental Index based on the actual achieved rental values for just-agreed tenancies. It means that the data is relevant, fresh, and reliable – it reflects the valid state of the UK rental market.
The research by property professionals at HomeLet reveals how UK rents performed in November 2021 against the prior month. The central finding is that rental prices in the UK, excluding London, increased slightly.
According to HomeLet Rental Index, the average UK rents stand at £1058 pcm, while the similar figure excluding London reaches £889 pcm, up by just 0.1% against October 2021.
As for the London property market, average rents reach £1,757 pcm, a slight drop by just 0.1% against the average in the preceding month.
Yorkshire & Humberside saw the most noticeable monthly increase in rents – a 1.2% jump to an average rent of £736.
Property Specialist Comments
Andy Halstead of HomeLet & Let Alliance thinks of 2021 as a «strange year», with the pandemic impact still being evident in the property market. Despite the market uncertainty, the level of demand was and still is significant. People still crave moving, and the role of the letting industry sector and lettings agents «has been invaluable» in supporting this.
The private rental segment has performed particularly strongly, and HomeLet expects the increased demand to continue into the upcoming year.
Halstead adds that «the UK needs landlords». Rents will only go up if the imbalance of supply and demand continues. It is usual to see rising rental prices in promising areas, but the demand has been high practically across the whole country.
With a shortage of new homes coming into the market, HomeLet expects the trends to continue in 2022.