Drewery Lettings Property Market Update August_2023

RENT INCREASES IMPACTING AFFORDABILITY

The average cost of a new let in the UK has risen to £1,126 per month, following twenty one
consecutive months in which rental increases outstripped wage rises.
Costs have increased by £110 a month - or 10.4% - in the year to April 2023, which is high by
historical standards and ahead of average earnings growth, according to Zoopla’s June rental market
report.
The property portal says the gap between these measures highlights the impact on rental
affordability, which is now at a record high in seven out of twelve UK regions.
The good news is that rents for new lets have started to slow, reflecting seasonal trends. In the last
three months, the average rent increased by nought point six percent that’s the smallest amount
since May 2021.