Ladybird Living – Your London Estate Agent
10% year-on-year increase in the average cost of rent in August 2023
The August Rental Index by Goodlord revealed that the cost of rent is up 10% year-on-year. The summer season is the busiest time with tenants continuing to face soaring prices during this season. Void periods in August continued to remain much lower than year to date averages.
Average price of rent remains high
From July to August, the average cost of rent dropped slightly, with prices across England decreasing by 1.5% to an average of £1,347 per property. Compared to August last year, August 2023 prices are up 10%. Average rental costs are also 15% higher than the 2023 year-to-date average.
It is expected that during the summer prices increase due to a rise in student lets. This year, a combination of increased student lets as well as pressures on the rental market led to the significant rise in rental prices.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
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