Throughout 2023, average rents in England experienced an almost 9% increase compared to the average in 2022.
In 2022, the average rent per property was £1,086. By 2023, the annual averages rose to £1,182, marking an 8.8% year-on-year uplift.
The peak rental rates of 2023 were observed between July and September, with these record-breaking months witnessing average rental property costs exceeding £1,300 for the first time. Tenants rushed to secure properties amid a sharp supply drop during this period.
July 2023 claimed the title for the highest rental averages of the year, reaching £1,367 per property across England. In contrast, the rental averages in July 2022 were £1,239, reflecting a 9% decrease.
As per the latest Index figures, December 2023 witnessed a 7% annual rent increase, reaching an average of £1,147. In comparison, in December 2022, rents stood at £1,071.
December, usually one of the quieter months for property rentals, experienced a slight month-on-month rent decrease from November’s figures. Across the UK, average rents fell by 1.7% overall during December, a trend typically influenced by reduced market activity over Christmas.
