28 Jul 2022

The DPS has reported average rents rose £66 from £804 to £870 (8.21%) between Q2 2021 and Q2 2022.  The organisation added that four of the largest recorded quarterly rent increases since 2007, including 1.74% in Q3 2021 and 1.96% in Q4 2021, took place during the same period, significantly contributing towards the UK’s rent inflation rate during the past year.

Matt Trevett, Managing Director at The DPS, said: “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.”

QuarterUK average rent Rent rise %UK Inflation rate %
Q2 2021£8040.50%2.10%
Q3 2021£8181.74%2.80%
Q4 2021£8341.96%4.65%
Q1 2022£8491.80%6.20%
Q2 2022£8702.47%9.40%

The DPS said that eight of the UK’s 12 regions experienced rent rises of more than 7% between Q2 2021 and Q2 2022.

The North East, traditionally one of the cheapest places to rent in the UK, saw the highest annual percentage rent increase; rising 10.75% (£57) from £530 to £587 between Q2 2021 and Q2 2022, said the organisation.

The DPS added that the West Midlands saw the second highest annual regional rent percentage increase: 10.70% (£69), taking rents from £645 to £714 during the same period.

London recorded the greatest annual increase in monthly rental values, with rents rising by 9.44% (£124), from £1,314 during Q2 2021 to £1,438 in Q2 2022, it added.

RegionAverage Q2 2022 RentChange since Q1 2022 (£)Change since Q4 2021 (%)Change since Q2 2021 (%)
London£1,438£234.13%9.44%
South East£1,004£244.47%7.15%
South West£865£323.72%8.53%
East£914£203.51%6.28%
East Midlands£662£63.44%5.75%
West Midlands£714£184.23%10.70%
Yorkshire£592£121.72%5.34%
North West£675£194.65%7.66%
North East£587£225.96%10.75%
Scotland£710£358.07%9.23%
Wales£670£184.52%7.03%
Northern Ireland£578-£31.23%3.58%
     
Property Type Q2 2022Q1 2022Q2 2022 vs Q1 2022 (%)Q2 2022 vs Q4 2021
Flats£885£8632.55%4.49%
Terraced£839£8212.19%3.58%
Semi-detached£943£9202.50%4.20%
Detached£1,184£1,1582.25%3.59%

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