Buy to Let

Average monthly rent now tops £1,200

Christina Hoghton
Written By:
Christina Hoghton

Average rents have risen by 19% since the start of the pandemic, with Brits now spending 44% of their income on rent

The average rent on a newly let home in Great Britain rose to £1,204 a month, said Hamptons, passing the £1,200 mark for the first time.

The estate and letting agent said that the average tenant pays an extra £960 per year in rent compared to last year.

In Greater London rents passed £2,100 pcm for the first time in October 2022.

Post-pandemic rental market

Rents in every area of the country are now above where they were at the beginning of Covid, said Hamptons.

Since Jan 2020, rents have risen 19% across Great Britain, equating to an additional £2,351 a year.

Rapid rental growth over the last few years means that the average privately rented household in Great Britain is now spending 44% of their post-tax income on rent, the highest share since Hamptons’ records began in 2010.

London remains least affordable, with the average rent taking up 62% of the average renting household’s post-tax income.