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ONS: Average monthly rents reach record high

Jake Carter

December 11, 2020

shared rental

The median monthly rent in England has reached its highest ever level, according to the ONS.

The average rent was noted at £725 between October 2019 and September 2020.

London had the highest median monthly rent at £1,435 over the same timeframe.

In contrast, the North East recorded the lowest median monthly rent at £495.

The difference in monthly rental price between the most and least expensive local authorities was nearly £2,000, outlined ONS.

Olu Olufote, founder of RenterBuyer, said: “With average rents in England hitting a record high over the past year, it’s no surprise more and more tenants are desperate to get onto the property ladder.

“Psychologically, it can be deflating knowing that you’re paying so much for so little, especially in the capital where rents are borderline obscene.

“With interest rates so low, getting a mortgage can be considerably cheaper than paying rent but finding a deposit remains a key obstacle to homeownership.

“Affordability is the other issue preventing tenants from turning into homeowners and many will not be overly upset to see property prices come under pressure next year due to potential Brexit disruption and economic fallout from the pandemic.

“Anyone seeking to buy their first home in today’s market needs to show estate agents and mortgage brokers that they are genuinely purchase-ready rather than simply chancing their arm.”


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