The latest figures released from the Office for National Statistics (ONS) has revealed that as the UK headed into lockdown, average rents in the Private Rental Sector across England hit a record high of £700 per month.
According to the ONS, this figure ‘has not been higher’.
On property types, ONS revealed that the highest monthly rent was for properties with four or more bedrooms (£1,300), compared with the lowest monthly rent at £400, which was for single rooms.
There was a large difference in median monthly rents between studios (£550) and single rooms (£400), which could have been driven by high volumes of data in the sample of studios located in London and the South East (representing just under half of the sample size).
The interquartile range increased with property size. The spread of rents was greatest for the “four or more bedrooms” category because of the inclusion of very large properties. The correspondingly higher rents of these large properties drove the sharp increase in both median rent and spread of rents in this category compared with three-bedroom properties.
As expected, prices were higher in London than any other region, with the most expensive recorded at £1,425; £525 higher than the next largest median monthly rent, which was £900 in the South East. The median monthly rent for the North East was £495; this is the lowest of all regions.
Rent prices in Inner London tended to be higher than for Outer London. The median monthly rent for Inner London was £1,700, compared with £1,295 for Outer London.
Most regions had a similar spread of rents, but London rents had the greatest range of prices of all regions, reflecting the large range of property types and sizes in the capital and the range in the associated rental price.