Newly agreed rental prices for fresh tenancies have risen at their fastest pace in almost two years, according to new research from estate agent Hamptons. The annual pace of rental price growth on newly let properties climbed for the 10th consecutive month in September.
The average rent for properties across Britain increased by 2.7% annually, reaching £1,433 per month, up from £1,396 in September last year. In contrast, where an existing tenant's rent increased, the average rise remained at 5.6%, unchanged from August.
London recorded the highest average monthly rent in Britain, with renters spending an average of £2,357 per month, a 1.5% rise compared to last year. The South East and South West of England both saw annual growth exceeding 4.0% for the first time since September 2024, while properties in the East Midlands experienced a minimal 0.3% rise.
Aneisha Beveridge, head of research at Hamptons, noted that higher rents have primarily affected tenants moving home so far this year. She added that if growth continues, it is likely to impact more existing tenants in the coming months as the gap between new and existing rents widens.