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OFFICIAL: Rent increases hit record high of 9.2% year-on-year


The rate at which rents have been rising has increased across the UK to record levels, official figures reveal today.

Average rents over the past 12 months to the end of March were up by 9.2% to £1,285 a month per property, up from 9% the month before, although some regional figures are much higher – rents increased by 10.5% in Wales and 11.2% in London.

The borough of Kensington and Chelsea now has the highest at £3,305 a month while Dumfries and Galloway recorded the lowest at £475, the ONS figures show.

These increases are part of an overall trend which began following the end of the Covid restrictions. During the 2010s rents consistently increased by between three and four percent a year but began climbing steadily in the summer of 2021.


“Annual rental value growth is approaching double-digits thanks to a shortage of supply and robust demand,” says Tom Bill, (pictured) head of residential research at Knight Frank.

“Higher mortgage costs and a proliferation of red tape and taxes means some landlords have left the sector in recent years, which has aggravated the situation.

“Unfortunately for both landlords and tenants, the political direction of travel suggests there is no change on the horizon.”

Rachelle Earwaker (pictured), Senior Economist at the Joseph Rowntree Foundation, says: “Historically high rent increases see no sign of slowing down, even as inflation falls.

“Renters across England are facing finding an eye watering extra £107 on average every month, while in London it’s £207 per month compared to a year ago.

“Even with the recent increase to housing benefit, this will leave many renters without any disposable income whatsoever. Renters who can’t absorb these costs risk being evicted from their home.”

Jeremy Leaf, (pictured) north London estate agent and a former RICS residential chairman, says: "There is a limit to what landlords can charge because tenants can only afford to spend so much, which is reflected in gentle rises in rents rather than the big increases we have seen.

"Most of our landlords recognise that a good quality tenant is better than the highest possible rent, even though many are struggling to cover higher tax, mortgage and regulatory costs."


Rent rise