Britain New Tenancy Rents Hit Two-Year Growth Peak
Hamptons reports that average monthly rents for new tenancies in Britain rose 2.7% annually in September, marking ten consecutive months of accelerating growth.
Newly agreed rental prices for fresh tenancies in Britain rose at their fastest pace in nearly two years in September. According to the Hamptons lettings index, average monthly rents for new lets increased by 2.7% annually to £1,433, compared to £1,396 in September of the previous year. This represents the 10th consecutive month of accelerating growth for new tenancies.
Regional data indicates that the South East and South West of England both saw annual growth exceed 4.0% for the first time since September 2024. London maintained the highest average monthly rent at £2,357. In the luxury sector, Beauchamp Estates reported that the average annual cost of renting a prime home in London surged 67% this year to £217,204.
Rent increases for existing tenants remained steady at an average of 5.6%, unchanged from August. Aneisha Beveridge, head of research at Hamptons, stated that while higher costs have primarily affected tenants moving home this year, continued growth will likely impact existing tenants as the price gap between new and existing rents widens.
