Rising House Rents in the UK: Average Rent Crosses £1200 Mark

2023-08-09 15:43:58

London ∙ The average house rent in the UK has crossed 1200. Year-on-year rents rose by 10.3% to a record average rent of £1,243 in July. The new figures from Homelet Rental Index, a letting referencing and insurance firm, have come out. According to the figures, Scotland leads the way with annual rent increases of 15.8%. London is second with a 12.9% increase.

Nationwide rents rose by 1.1 percent in July. A good percentage of the renters are now unable to pay the rent. Rents in London rose 1.9% in July to £2,109. The figures also revealed that rents in London are almost 70 per cent higher than the UK average rent of £1,037. It is clear from the survey conducted by Homelet that the affordability of renters is weak in the current situation.

Currently, renters spend 32.1 percent of their income on rent. But a year ago, it was 30.2 percent. Due to rising mortgage rates and high inflation in the country, most people who want to buy their own home are unable to do so. Due to this, a good percentage of people who want to get rid of their rented houses are not able to do so.

English Summary:  Average house rent in the UK is over 1200 pound

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