Rental prices in the UK Private Rented Sector have now reached a new record high, with the average PRS rent during September across the UK reaching approximately £741 (GBP) per calendar month (pcm).
The startling cost of PRS rental was revealed by LSL property services and represents a rise of 1.1% on the previous record high of £734 (GBP) set in August 2012.
Taken as an annual average, PRS rents have increased by 3.2% across the whole of the UK.
Rental prices in London and the South-East regions went up the most, with PRS rents rising by 1.7% and 1.9% respectively.
Average rent in London is now 6.2% higher than in 2011, averaging £1062 (GBP) pcm.
In other parts of the UK there are still pockets where rental prices are being forced down due to tenants driving a hard bargain with landlords and letting agents. Rental prices saw a decrease in three UK regions in September:
- East of England
- Yorkshire & Humber
- West Midlands.
However, the increase in PRS rental prices in the rest of the UK has also left tenants without Rent Guarantee Insurance financially struggling, with 9.1% of all rent due to landlords being late or unpaid at the end of September.