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Rental Market Report September 2023

by | Sep 22, 2023 | Clients

The headlines from the latest UK Rental Market Index from Hometrack are:

  • Rents for new lets are up 10.5% over the year (12.2% a year ago)
  • Rental inflation has been in double digits for 18 months
  • Average renter has seen costs rise £2,800 over last 3 years
  • Scotland recording fastest growth in rents at 12.7% where rent controls are forcing landlords to maximise rents for new lets
  • The UK rented sector remains stuck in a period of low supply and high demand. Affordability is the key influence on rental growth
  • Rents continue to outpace earnings and rental affordability is now the worst for over a decade
  • Rents for new lets expected increase by 9% in 2023 then slow to 5-6% in 2024

You can read the full report online for the Rental Market Report September 2023 on the Hometrack website.