UK Rents Surge to Record High Amid Housing Market Fluctuations

The average monthly rent in the UK has seen an unprecedented 9% increase over the past year, with London experiencing the most significant rise.

Rents in the UK have risen at the fastest pace on record, with an average monthly increase of 9% in the year to February, marking the highest annual growth since UK records began in 2015.
The surge in rental costs is attributed to a combination of Michael Gove's crackdown on landlords, leading to a reduction in rental property availability and landlords passing on higher interest rates to tenants.
London faced the most substantial rental increase, with average monthly costs for tenants rising by 10.6% year-on-year to £2,035, exacerbating the cost of renting crisis.
The decrease in the number of rental properties available is driving up prices, with one in ten landlords expected to sell up due to the end of no-fault evictions and other regulatory changes.
Despite a slight easing in house price falls, with a 0.6% decrease in average UK house prices in the year to January, the housing market is expected to see increased activity in the coming months due to stabilizing prices and potential interest rate reductions.