Rents are at record highs due to the cost of living

LONDON: With the average UK room rent rising to £731 in December 2022, the rental market's current instability shows no signs of ending. (Reported by news source)

In September 2022, the average rent in Greater London exceeded £900 per month for the first time ever. Since then, the average rent has risen steadily, reaching £949 per month in December.

In the late summer and early fall, there was a record-high demand for homes while a nine-year low supply was present. In order to put this in perspective, there were 245,351 tenants looking, but there were only 34,085 rooms available

57% of respondents polled stated they currently lack confidence in the rental market; over the past 18 months, landlord confidence has declined.

Rents have risen as a result of a combination of insufficient supply and the cost-of-living crisis. Rates in the UK have reached record highs over the past 12 months, and unless fresh supply enters the market in the coming months, it will be difficult for rents to materially decline in 2023.