We are used to seeing records broken in the lettings market these and according to the Deposit Protection Service, rents rose by an average of 2.47% in the second quarter of 2022. This took the figure to £870 per calendar month, and this represents the most significant quarterly increase in the past 15 years.
This is as long as the DPS have recorded these changes, so for them, it is the highest increase!
When looking at the annual figure, average rents in the UK have moved from £804 to £870, an increase of £66 or 8.21%.
Matt Trevitt, a managing director at the Deposit Protection Service, says: “The last 12 months of rent increases, including a significant acceleration during the last quarter, shows that the price of renting forms a substantial part in rising living costs across the country. A mixture of tenants moving back into cities, continued desire for larger rental properties with more space and a current shortage of properties of all types is causing rent prices to rise. Despite the current economic environment, many tenants still seem prepared to pay in order to secure a rental property.”
We help you understand the London rental market
As you’d expect, the largest annual increase for monthly rental values occurred in London. Even though there have been changes in recent years, the London rental market still stands apart from the rest of the country in many ways.
In the second quarter of 2021, the average monthly rental value was £1,314 but by the second quarter of 2022, this has increased by 9.44% to a figure of 1,438.
It is easy to see landlords will look at this higher income and think, this is an excellent fee for them, but of course, there is a lot to consider at the moment. Cost of living increases are biting hard, and there is no denying many people are looking for ways to cut costs.
As said above, the London rental market stands apart from the rest of the country, and it is natural that rental prices will be higher here. However, there is still a need for landlords to liaise with tenants effectively, and this is something we are more than happy to assist you with.
At David Harris & Co, we connect landlords and tenants. If you are looking for our assistance, get in touch, and we will do everything we can to help you make the best decision in the Finchley rental market.
Contact David Harris & Co to let in Finchley
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
