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Average monthly rent outside London topped £1,000 for the first time, according to a survey.
That figure is agreed rent, not suggested rent, but average new renters in suburban London rose to £1,002 a month in April, prompting rental broker Hamptons to launch a survey in 2013. It is the highest recorded since then.
This annual increase would cost the average resident an additional £868 a year to move into a new home outside the metropolitan area.
Average rent in the London suburbs has risen 7.8% over the past 12 months, with costs 26% higher than on the eve of the coronavirus outbreak in February 2020.
Currently, three of the ten suburbs of London – East, South East and South West England – have average rents above £1,000 a month.
In London, rent growth continues to surge, rising 17.2% since April 2022, pushing average monthly costs above £2,000 for the first time.
Across the UK, including London, rents rose by 11.1% year-on-year, making it the second-highest month for rent growth on record.
Since the pandemic began, rent across the country has risen by 25%, costing the average tenant £2,962 in additional costs each year.
The figure will be revealed in the week that Housing Secretary Michael Gove is expected to introduce the rental housing reform bill to lawmakers.
The Liberal Democrats have called on the government to use the bill to give landlords new protection against rent increases. Rep. Helen Morgan, the Liberal Democrat housing spokesperson, said, “This horribly high rent needs to stop now. It’s time to give families adequate financial security through long-term leases. Too much.” Many needy households face the annual fear of rent increases.
“So far, the government has allowed developers to build homes unsuitable for first-time buyers and low-income renters, while giving landlords the power to evict families from their homes. It’s time to put power back in the hands of renters.”
A spokeswoman for the Department of Levels, Housing and Communities said the bill would provide protection by banning no-fault evictions and making it easier for tenants to contest rent increases.
“The government is committed to providing a fairer deal for renters and will introduce legislation in the coming days,” she said. “This will include a no-fault eviction ban, allowing all tenants to challenge unreasonable rate increases in order to make their homes safer.
“We are also the first in the private rental sector to introduce decent housing standards to ensure private rental housing is safe and decent.”
But the government has eliminated rent regulations that prevent private landlords from setting their own price increases for tenants. The spokeswoman added: “Evidence shows that private sector rent controls are not working as they can lead to lower standards, underinvestment and encourage illegal subleasing.” rice field.
Dan Wilson Crow, Acting Director, Campaign Group generation rentwelcomed the bill but said the government needed to build “thousands more” of public housing, in particular “to help those most in need”.
“Rent hikes are pushing landlords to accept no-fault evictions so they can re-let at higher rents,” he said. “We need a landlord reform bill ASAP to give renters better protection in their homes.”
“Rents in the open market are rising so fast that tenants are choosing to stay or move to smaller homes in more affordable neighborhoods,” said Aneisha Beveridge, head of research at the Hamptons. I will face it,” he said.
“People who choose to sit tight tend to see less rent increases than those who move home, but they are not immune either. Growth is likely to come to a halt, but the pace is unlikely to slow significantly due to the number of landlords trying to pass on the increasing costs.”
Landlords continue to lobby against restrictions expected to be imposed, with one major real estate association warning that the new law could push many out of the industry.
Jonathan Rolland, founder of the National Association of Real Estate Buyers, said: I: “This bill will bring a lot of benefits to tenants, but nothing to landlords. It just adds laws and costs.
“In the long run, this may not be a bad thing, but the lack of alternative housing providers means more landlords will decide to evict their tenants, reducing supply if they decide to exit the sector. This could be a very real consequence of this bill, even if unintended.”
