£1,000 a month for rent? UK average at record high

The average rent in the UK is at a record high. The figure hit £996 for the first time according to the HomeLet index.

Average rent prices have now been rising for 5 months in a row but concerns still remain as the country starts to open up and schemes will be due to come to an end.

If you exclude London from the figures the average is still £853.

Commenting on the latest data, Andy Halstead – HomeLet & Let Alliance chief exec – says:  ”We’re continuing to see a sustained demand for let property; against a backdrop of reduced stock, with landlords facing increased costs and growing concerns about legislative changes.

“As we gradually ease from protective measures, the stark reality is that we’re fast approaching a summer where rental prices could accelerate at a rate never seen before.”

This is having a knock-on effect in the mortgage market as applications are high but many lenders have increased the requirements to qualify which is delaying applications.

And with the 95% LTV scheme for residential buyers this delay looks set to continue.

If you need any help or advice with your residential or buy to let mortgage, don’t hesitate to get in touch on

01625 548248 or email enquires@mortgagesavers.co.uk

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