A lettings industry expert has admitted he has “little hope” that the current rental market crisis for renters will improve.
Andy Halstead, HomeLet & Let Alliance chief executive officer, says: “Excluding Scotland and the West Midlands, monthly rent has increased month-on-month across the UK yet again – painting a bleak picture for many tenants.
“In Northern Ireland alone, we've witnessed a 4.16 per cent month-on-month increase in rental prices compared to August, pushing the average monthly rental price up to £876 pcm. Clearly, this cannot be sustained, but it's just one example of the chaos caused when governments intervene without fully understanding the market.
“In short, a solution needs to be found – and quickly. I do not have much hope. Interestingly, there has been a reduction in month-on-month rents in two regions.
“Scotland and the West Midlands monthly rent has decreased for the first time since January 2023, 0.81 and 0.53 per cent respectively. The first change in the market for a long time, let’s watch this space."
His comments accompany HomeLet’s latest rental data showing that the average UK rental price has hit another all-time high of £1,276 pcm, increasing a further 1.19 per cent from last month.
Excluding London, the average price of rent in the UK is £1,061 pcm, up 0.95 per cent from last month.
London prices continue to soar, up 1.59% to a new high of £2,179 pcm.
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