Money Wellness
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calendar icon20 Mar 2024

Average rent over £1,000 a month

Over half or rented properties in the UK have average rents of over £1,000 a month. Zoopla finds that the number of rental homes with high rents like this has nearly doubled over five years.

Rents have increased on the whole by 29% since January 2020, with the average UK rent hitting £1,223.

“The last two years have been characterised by an ongoing imbalance between rental supply and demand. Only a rapid and sustained expansion in rented housing will start to improve affordability for UK renters,” said Richard Donnell, executive director at Zoopla.

According to Zoopla, the average letting agent currently has 12 homes available to rent, which is a fifth higher than the amount last year, but 28% lower than the pre-pandemic average. But this change in rental growth is due to weakening demand and pressures people are facing with affordability, and not an expansion of available homes to rent.

Rental inflation is expected to slow to 5% over 2024, but it’s clear to see that rents across the UK are set to remain high.

Are you struggling to make your rent?

If you’re among the many people struggling to pay their rent or mortgage, you may want to get advice from Shelter.  They can provide information on dealing with rent arrears, as well as missed mortgage payments and repossession.

Find budgeting tips in our blog on how to manage rising rents and mortgage interest rates

Use our free benefits calculator to check you’re getting all the financial support you're entitled to.

If you’re on a low income or claim benefits, you may be able to get a council tax reduction of up to 100%. Check to see if you’re eligible.

Local councils have also been given a share of £842m to help families struggling with the cost-of-living crisis. Visit your local council’s website to see what’s available in your area.

And if you need free debt advice, we're here 24/7 online, or you can give us a call during our office opening hours. You may be surprised at the range of support that's available. Get in touch today.

 

Avatar of Lydia Bell-Jones

Lydia Bell-Jones

With a background in banking, Lydia has been writing professionally for over five years. She is passionate about helping people improve their personal finances and has a particular interest in the connection between money and mental health.

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