Grim news for those who rent their homes or flat are contained in a new report which shows renters in the East of England are now paying 0.66% more in rent than last month, averaging out as £1216pcm.
The average UK rental price is now £1283pcm, an increase of 0.55% from last month alone
Eastern renters are now paying nearly 9.75% in fees compared to last year.
The HomeLet Rental Index, which is released monthly, paints a bleak picture of the cost-of-living crisis as it unveils that in October, monthly rent prices rose once again across nearly every region in the UK, reaching record highs.
East of England’s renters can now expect to pay £1216pcm. This is up 0.66% from last month alone, and a staggering 9.75% compared to this time last year.
As rising prices fail to match wage increases for many, renters in the East are also paying 34.2% of their wages in rent, which has risen from last year by 3.5%. Comparatively, In London, people can expect to pay nearly a quarter (38.8%) of their wages in rental costs.
HomeLet’s figures give a stark view into the reality of the situation in the East and the wider UK.
Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: “Sadly, we can report that rental prices in the East of England once again reached an all-time high this month, with the average renter expecting to pay £1216 per month.
“Rent prices in the region have increased by 9.75% in the last year alone – and it’s totally unsustainable”.
“There have been a few news articles and comments from the Government recently about how the cost-of-living situation is starting to look more positive and inflation is slowing. However, our data shows that rents still rose in most regions across the country between September and October 2023.
“As we collate this data every month, we hope one day to see negative figures in the monthly variances, and more affordable rent for all.
“It really feels like there’s no end to this madness, we’ve been watching rent prices creep up every month and know this is an unsustainable future for both tenants and landlords alike.
“Renters are being priced out, and the homeowners are left with nobody to fill their vacancies. We need to see an end to these soaring prices, and fast, before we have a full rental crisis on our hands in the UK.”
The full breakdown of rent increases, variances and rent to income ratios can be found on the HomeLet website. The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.
The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.
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