British rental prices rise at fastest pace in two years

Newly agreed rental prices for fresh tenancies in Britain have risen at their fastest pace in nearly two years. According to the Hamptons lettings index, the annual pace of rental price growth for new lets accelerated for the tenth consecutive month in September.

Average newly agreed rents across Britain increased by 2.7% annually, reaching £1,433 per month, compared to £1,396 in September of the previous year. The South East and South West of England saw annual growth exceeding 4.0%. In London, the average monthly rent for new lets was £2,357, representing a 1.5% increase.

For existing tenants, the average rent increase remained steady at 5.6%. Aneisha Beveridge, head of research at Hamptons, noted that while higher rents have primarily affected tenants moving homes, continued growth could impact existing tenants as the gap between new and existing rental rates widens.