Average Cost Of Rent Stays High

The average price of rent dipped slightly between July and August, with prices across England coming down by 1.5% to an average of £1,347 per property. Despite not beating July’s Index setting record of £1,367, August 2023 prices were up 10% compared to the same time last year. Average rental costs are also 15% higher than the 2023 year-to-date average.

Prices across the summer are typically driven up by an influx of student lets. This year, this has combined with historic pressures on the rental market, driving up prices to record-breaking highs.

Greater London and the South East saw the biggest rise in average prices. The capital saw an upward swing of +8%, with the South East recording the highest rise, with rents up by +14%.

However, it was a different picture in the North West, which saw a drop of -20% in average prices. This mirrors the pattern seen in the region last year (2022); a major July spike in rents, followed by a more subdued August.

Rents also dropped in the North East (-6%) and the South West (-10%). Both regions saw huge increases in rental costs during July.

Source: Goodlord