Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Average UK Rents Up 4.3% in Latest Lomond Index
Average rents across the UK have risen by 4.3% over the past year, reaching £1,369 per month, according to the latest quarterly index from Lomond. The network of lettings and estate agencies also found that tenants are now spending an average of 32.7% of their annual income on rent.
In London, average rents reached £2,418 per month, which is 76% above the UK average. The report also highlights regional increases, with average monthly rents in the North West and Yorkshire rising by 5% year-on-year to £1,215 and £1,283 respectively. Kent recorded a 5% increase in average rents, and the number of tenancies agreed in the county jumped by 121% over the past year.
Data from Goodlord and LomondIQ shows the average UK renter is 31.5 years old. Scotland has the youngest renters, with an average age of 25, which Lomond attributes to its large student population.
These findings provide letting agents and inventory clerks with up-to-date insights on rental trends, regional variations, and tenant demographics across the UK.
Source: Mortgage Strategy