Bristol – UK rents rose by 2.47% (£849 to £870) during Q2 2022, the largest quarterly increase during the fifteen years that The Deposit Protection Service (The DPS) has recorded the country’s rental values.
The UK’s largest protector of deposits also said that average rents had risen £66 from £804 to £870 (8.21%) between Q2 2021 and Q2 2022.
The organisation added that four of the largest recorded quarterly rent increases since 2007 – including 1.74% in Q3 2021 and 1.96% in Q4 2021 – took place during the same period, significantly contributing towards the UK’s rent inflation rate during the past year.
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Matt Trevett, Managing Director at The DPS, said: “The last 12 months of rent increases, including a significant acceleration during the last quarter, shows that the price of renting forms a substantial part in rising living costs across the country.
“A mixture of tenants moving back into cities, continued desire for larger rental properties with more space and a current shortage of properties of all types is causing rent prices to rise.
“Despite the current economic environment, many tenants still seem prepared to pay in order to secure a rental property.”
The organisation said that eight of the UK’s 12 regions experienced rent rises of more than 7% between Q2 2021 and Q2 2022.
The North East, traditionally one of the cheapest places to rent in the UK, saw the highest annual percentage rent increase; rising 10.75% (£57) from £530 to £587 between Q2 2021 and Q2 2022, said the organisation.
The DPS added that the West Midlands saw the second highest annual regional rent percentage increase: 10.70% (£69), taking rents from £645 to £714 during the same period.
London recorded the greatest annual increase in monthly rental values, with rents rising by 9.44% (£124), from £1,314 during Q2 2021 to £1,438 in Q2 2022, it added.
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For more information, see: https://www.depositprotection.com/news-insights/dps-rent-index-q2-2022
For any media enquiries
Sarah Chidgey PR Manager
+44 (0)370 702 0003 x1534
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- The DPS’ Rent Index contains one of the most comprehensive databases of domestic paid private rental prices across the UK.
- The DPS first recorded quarterly rents compared with inflation during Q3 2007; average annual rent was £617 (an increase of 0.16% on the previous quarter) and inflation was 1.80%.
- The Government’s Consumer Price Index (CPI) rose by 9.40% during the 12 months to June 2022, up from 9.10% in May.
About The DPS
The Deposit Protection Service’s custodial tenancy deposit protection scheme is accredited by the Government. It is provided free of charge, and funded entirely by the interest earned from deposits held in the scheme. The DPS was approved by the UK government to run an insured TDP scheme in September 2012 in addition to the approval it has already been granted by the UK government in respect of the custodial scheme. The DPS is run by Computershare Investor Services PLC. Online self-service allows landlords to register and make deposit payments, transfers and repayments 24 hours a day. Help and advice is available through a dedicated call centre during office hours. An impartial Dispute Resolution Service, helps to resolve any disputes quickly and without the need for court action.
About Computershare Limited
Computershare (ASX: CPU) is a global market leader in transfer agency and share registration, employee equity plans, mortgage servicing, proxy solicitation and stakeholder communications. We also specialise in corporate trust, bankruptcy, class action and a range of other diversified financial and governance services.
Founded in 1978, Computershare is renowned for its expertise in high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement. Many of the world’s leading organisations use us to streamline and maximise the value of relationships with their investors, employees, creditors and customers.
Computershare is represented in all major financial markets and has over 12,000 employees worldwide.
For more information, visit www.computershare.com.