Average rents for new tenancies confirmed in November are now 7.3% higher year-on-year, reveals the rental index from Goodlord.
The average price per property in November 2022 was £1,087, in comparison with today’s figure of £1,166.
When looking at specific regions, the biggest year-on-year change for confirmed November rents is seen in the North West, where prices are up by 11% compared to last November.
The majority of other regions — the East Midlands, North East, South East, South West and West Midlands — have all seen rises of 7%+.
This follows a long-established trend of confirmed rents dipping slightly between October and November — with a month-on-month decrease recorded by the Index for five years in a row (2019-2023).
The East Midlands, South East, and West Midlands saw almost no movement in prices during November; with shifts of less than 1%.
The biggest change was recorded in Greater London — a region which has seen a reduction in rents between October and November each year since 2019.
Last month, Greater London saw a 4% drop in average rent for new tenancy agreements.
This follows an intense period of price escalation in the capital, and takes average prices for new tenancies back to their June and July levels.
William Reeve, CEO at Goodlord, commented: “Whilst month-on-month patterns continue to follow the predicted seasonal ebbs and flows, the year-on-year data highlights how much the market has changed over the last 12 months.
“Rents are up by over 7% compared to November 2022, reflecting the intensity of demand the market has experienced since then.”
