The UK average rent is now Â£ 997, up 4.0% from the same period last year and is another record average price, according to the HomeLet Rental Index.
Every region except London has seen an increase in rent prices year over year and, excluding the capital, the UK average rent is now Â£ 854, up 6.4 % compared to last year.
Rents in London continued to fall each year to Â£ 1,583, down 0.9% from a year ago; this is the 12th decrease in annual variance over the following months.
The biggest barrier to home ownership is income
East England saw the largest year-over-year price hike, up 8.5% from the same period last year.
Scotland saw the largest monthly price hike, with the average price rising 2.6% to Â£ 707 per month in May.
Meanwhile, rental prices in the East Midlands are down 0.7% from last month, now at an average price of Â£ 704 per month.
Andy Halstead, Managing Director of HomeLet and Let Alliance, said: âWe have seen sharp increases in house prices across the country as the coronavirus pandemic has changed what Britons look for in a property.
âMany said they were looking for properties with more living space; for those who work from home, for example, this is also the case in the private rental sector.
âRental properties continue to play a crucial role in meeting the demands of residents across the country, and the flexibility and responsiveness shown by the private rental sector will be vital in the months to come as the country reopens. .
âAs rents go up, we’ve also seen a more than 10% increase in suspicious and fraudulent property rental claims; With backlogs and delays in processing evictions, the demand for high quality tenant referrals and insurance has never been higher.
âThe resounding success of the vaccination campaign gives hope that a return to some form of normalcy may be on the horizon.
âHowever, we would always like to warn that millions of people could be made unemployed at the end of the leave scheme – which would pose considerable problems alongside an imbalanced rental market.
âAs the government seeks to boost home ownership, the importance of the private rental sector cannot be underestimated and should not be overlooked. “