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Rental prices June 2023

ended 19. July 2023

The latest official rents data has dropped from the ONS. You can read the full report >> here <<. Key points below. Any thoughts, send them across ASAP as this story is BREAKING.

  • Private rental prices paid by tenants in the UK rose by 5.1% in the 12 months to June 2023, up from 5.0% in the 12 months to May 2023.
  • Annual private rental prices increased by 5.1% in England, 5.8% in Wales and 5.5% in Scotland in the 12 months to June 2023.
  • Within England, the highest annual percentage change in private rental prices in the 12 months to June 2023 was in the West Midlands, at 5.4%, while the North East saw the lowest (4.4%).
  • London's annual percentage change in private rental prices was 5.3% in the 12 months to June 2023, above the England average and its highest annual rate since September 2012.

3 responses from the Newspage community

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Editor
Michelle Lawson
Director at Lawson Financial
Rents continuing to rise really is no surprise. With rising mortgage costs increased regulatory costs and the removal of Section 24, landlords cannot absorb these rises any more and they are having to naturally be passed up the chain. Tenants have had low rents for a number of years and, with the other cost of living increases, rent rises should not be a shock. One thing that needs to be understood is landlords should not be vilified nor the sector made any more divisive than it is as they do not do this without just cause as a good tenant is worth their weight in gold.
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Stuart Crispe
Founder at Sunny Avenue
The data is unsurprising. There is a pronounced shortage of rental supply, and always has been. I am surprised the increases aren't higher given the mortgage rate increases we have had. Landlords, currently, will either be deciding to increase their rents or sell up. Either way, this is only going to further increase rents, putting more pressure on tenants.
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Rhys Schofield
Brand Director at Peak Mortgages and Protection
It may be politically convenient to kick landlords from time to time but when demand is up 48% on pre-Covid levels, available stock is like hen's teeth and with few viable alternatives to private rental for many, it's clear that we need a healthy buy-to-let market. Rents being forced ever upward certainly doesn't do tenants any favours and that is the risk faced if we drive landlords out.