A Comprehensive Analysis of Rent Shifts in UK Regions: A Closer Look at the Numbers

As a landlord, one of your primary concerns will be determining the optimal rent for your property and this starts with understanding what the average rents are in your area and how they’ve evolved over time to help you make informed decisions. In this blog, we'll analyse the UK's average rental prices from April 2022 to April 2023, providing landlords with a benchmark figure for their area.

The UK rental market has experienced a turbulent year. In April 2022 the average rental price across the UK was £1,091 per month, but this rose by almost 10% to £1,199 per month in April 2023. While most areas have seen a prominent rise, the biggest shift was in Greater London with average rental prices rising to over £2k per month. Below we have provided the statistics for regions across the UK and their percentage increase in the last 12 months.

Average monthly rent prices in the UK in April 2022 - April 2023 by region 

UK 

April 2022 - £1,091

April 2023 - £1,199

YoY percentage increase - 9.9%

UK (excluding Greater London)

April 2022 - £920

April 2023 - £1,006

YoY percentage increase - 9.3%

Greater London 

April 2022 - £1,804

April 2023 - £2,003 

YoY percentage increase - 11%

South East

April 2022 - £1,164

April 2023 - £1,277

YoY percentage increase - 9.7%

South West

April 2022 - £1,035

April 2023 - £1,113

YoY percentage increase - 7.5%

East of England

April 2022 - £1,055

April 2023 - £1,150

YoY percentage increase - 9%

North West 

April 2022 - £878

April 2023 - £958

YoY percentage increase - 9.1%

West Midlands 

April 2022 - £813

April 2023 - £886

YoY percentage increase - 9%

East Midlands

April 2022 - £755

April 2023 - £824

YoY percentage increase - 9.1%

North East

April 2022 - £594

April 2023 - £645

YoY percentage increase - 8.6%

In conclusion, the UK rental market has experienced significant changes in the past year, resulting in noticeable increases in average rents nationwide. With rising interest rates, landlords are facing pressure to raise rents for their properties. By analysing the average rental prices from April 2022 to April 2023, this blog provides landlords and tenants with a rough estimate of rental costs in their area. However, it is important to consider that these costs are averages across regions. When determining rental prices, factors such as size, location, facilities, and more should be taken into account. If you need assistance with your property, including rent costs, contact our friendly team today.