- Average rents in London rose for the 5th consecutive quarter, increasing by £61 (4.24%) from £1,438 to £1,499. This is by far the largest increase across the whole country. Average UK rents rose £19 (2.18%) including London rents, but only by £11 (1.43%) when London is excluded.
- Inner London saw growth of £68 (4.41%) compared to outer London (£28 or 2.11%).
- Year-on-year, the increase is more pronounced, and the largest across all regions. Average rents rose from £1,339 to £1,499 (£160 or 11.95%).
- In terms of property types, detached properties in London saw the largest growth in average rents across the whole country, both quarterly (£121 or 6.12%) and yearly (£241 or 12.98%). Rents for flats in London also saw the largest increase for any region, moving from £1,446 to £1,513 (£67 or 4.63%) in the last quarter. Yearly, flats saw a £176 (13.16%) increase in average rents.
- London (inner & outer) remains the most expensive area to rent in the UK, followed by Surrey, Wokingham, and Bath & North East Somerset, all counties located in the South. Inner London is also the 2nd least affordable place. district to rent after Bath and North Somerset.
- Average rents stand at £1,023 in the South East, an increase of £19 (1.89%), since last quarter, and £74 (7.80%) year-on-year.
- The South East remains the second most expensive region for rents after London, with two counties, Surrey and Wokingham, among the top five most expensive and least affordable areas in the UK.
- Detached properties saw the greatest growth by percentage across all property types, rising by £48 (3.06%) from £1,568 to £1,616. Year-on-year, detached properties increased by £163 (11.22%), the biggest growth for this property type after London
- After increases during Q1 and Q2, Southampton recorded a small decline of -£4 (-0.48%). Portsmouth and Reading registered the largest growth in the South East, with £66 (7.69%) and £60 (6.28%) respectively.
- Average rents in the South West continued to grow, up £17 (1.97%) from £865 to £882. This is slightly below the UK average of £19 (2.18%). Year-on-year, the increase is the 4th largest across all regions, with rents rising by £67 (8.22%).
- After registering the biggest growth for 3 consecutive quarters, average rents for detached properties recorded the smallest increase of £7 (0.54%) this quarter. Terraced properties saw the biggest rise, up £33 (3.50%) to £976.
- Rents in the counties of Bath & North East Somerset and the City of Bristol continue to grow this quarter, up £20 (1.71%) and £28 (2.78%) respectively. The largest increase was recorded in South Gloucestershire, up £46 (4.58%). Plymouth was the only area in the South West to see a fall in average rents, down -£17 (-2.54%).
- The East has seen average rents increase both quarterly and yearly. Compared to last quarter, rents have increased by £23 (2.52%) and are now at £937. The East is the 3rd most expensive region to rent after London (£1,499) and the South East (£1,023). Year-on-year, rents increased £61 (6.96%) rise, which is the 4th largest in monetary terms, after London, the South East and the South West.
- In the East, detached properties saw the largest rise by value, up £35 (2.72%), from £1,287 to £1,322. Flats show the largest increase by percentage up 3.72% (£31). All property types saw rents rise, with terraced properties up £25 (2.55%), and semi-detached up £27 (2.51%).
- All counties in the East saw rents rise, with Suffolk recording the highest increase of £41 (4.84%).
- Average rents in East Midlands show a rise of £17 (2.57%) and now stand at £679. Year-on-year, rents rose by £37 (5.76%), against the UK average of £71 (8.68%).
- The East Midlands is the only region where average rents for terraced properties declined this quarter, falling -£5 (-0.73%) from £686 to £681.
- Rents in the West Midlands fell -£9 (-1.26%) this quarter to £705. Year-on-year rents increased £34 (5.07%), well below the UK average of £71 (8.68%).
- After seeing the sharpest increase last quarter, rents for flats fell by -£26 (-3.88%) during Q3. This is the second largest regional decline in average rent for flats. On the other hand, rents for detached houses picked up by £26 (2.56%), rising to £1,043.
- Rents continue to rise, moving from £592 in Q2 to £604 (£12 or 2.03%). Yearly, rents rose £41 (7.28%).
- All property types show some growth in rents this quarter, with detached properties rising the most in monetary terms £32 (3.32%) and flats in percentage points 4.04% (£22). Semi-detached recorded the smallest growth of £3 (0.41%).
- Average rents moved upwards in all counties in Yorkshire, with the largest rise recorded in the North East Lincolnshire up £42 (8.43%). The smallest increase was seen in Kingston upon Hull up £2 (0.42%).
- Yorkshire remains one of the cheapest regions to rent. Two districts, the City of Kingston upon Hull and North East Lincolnshire, are within the top 5 least expensive areas to live in, with average rents of £483 and £540, respectively. Yorkshire is now the second cheapest region to rent after the North East.
- Average rents in the North West grew again this quarter, up £17 (2.52%) from £675 to £692. Annually rents have risen £57 (8.98%), slightly above the national average by percentage.
- Detached properties show the most significant growth by value, rising £31 (2.86%), whilst terraced properties registered the largest increase by percentage, up 4.57% (£30).
- Greater Manchester saw the highest growth in rents in the region for the 3rd consecutive quarter, rising £41 (5.35%), whilst Cheshire West & Chester (down -£9 or -1.17%) and Lancashire (down -£2 or -0.34%) both saw declines.
- Average rents in the North East declined slightly this quarter, falling -£2 (-0.34%) to £585.
- The North East is now the region with the lowest rents in the UK (£585), followed by Yorkshire (£604) and Northern Ireland (£606).
- For the second quarter in succession, the average rental value for terraced properties showed the sharpest rise in the region, up £12 (2.16%) to £568. Rental growth for flats saw the lowest growth by value across all regions moving up just £3 (0.52%) to £576.
- Of the regions that saw average rents increasing this quarter, Scotland saw the smallest rise, increasing £11 (1.55%) to £721. Yearly, rents increased £59 (8.91%), one of the largest rises in the UK.
- After seeing one of the highest increases in Q2 2022 of £50 (5.90%), detached properties fell this quarter, down -£16 (-1.78%) to £881. Terraced properties saw strong quarterly growth, up £57 (8.52%) to £726, the highest increase for flats across all regions after London.
- Dumfries and Galloway remains one of the least expensive counties in the UK with average rents at £530. North Lanarkshire is now the 4th most affordable county in the UK recording a decline in rents of -£54 (-8.68%) to £568.
- After 3 consecutive quarters of growth, rents in Wales fell slightly down -£1 (-0.15%) to £669. Year-on-year, average rents in the region rose £48 (7.73%).
- Detached properties saw the largest growth across all regions this quarter by percentage (9.59%) and the largest growth after London in monetary value (£80 vs £121 in London).
- On the other hand, flats’ average rent declined by -£44 (-7.02%) to £583, which is the sharpest drop recorded across the UK. Year-on-year, this represents a -£7 (-1.19%) fall.
- Terraced properties in Wales have seen significant growth in rents since Q3 2021, up £98 (15.93%) from this point last year
- Gwynedd, in Wales, is one of the top five least expensive and most affordable counties in the UK, with an average rent of £506.
- All counties located in Wales recorded rent increases, except for Cardiff and Rhondda Cynon Taf, where there were falls of -£175 (-19.49%) and –£30 (-4.92%), respectively.
- Northern Ireland’s average rents increased £28 (4.84%) to £606 this quarter. Year-on-year, the rise is £39 (6.88%).
- Northern Ireland was the region with the cheapest rents last quarter, but has been overtaken by Yorkshire (£604) and the North East (£585).