Property prices might be slowing down, but rents are still shooting up across the UK, spelling good news for landlords and investors.

Despite house prices cooling off, the latest figures from the ONS show that rental demand is still red hot. This means that if you’re thinking about becoming a landlord or expanding your property portfolio, there’s never been a better time to take the plunge.

Here’s the summary:

• Average UK rents have jumped by a huge 8.4% in the year leading up to September 2024. That’s an extra £101 per month!
• Think it’s just London? Think again! While London leads the charge with a whopping 9.8% increase (that’s an extra £198 per month!), even regions like the South West and Yorkshire are seeing a healthy 6.3% bump.
• Tenants are crying out for properties according to experts at the Royal Institution of Chartered Surveyors (RICS). They say demand is going through the roof, and there aren’t enough new landlords entering the market to keep up.

What does this mean for your wallet?

Here’s a breakdown of average rents across the UK:

• England: £1,336 per month (up 8.5%!)
• Wales: £760 per month (up 8.3%)
• Scotland: £973 per month (up 7.2%)
• Northern Ireland: While figures are a little behind, rents here were up by a whopping 9.5% in the year to July 2024.

The bottom line?

With rents rising faster than ever, now could be the perfect time to cash in on the booming rental market. Whether you’re a seasoned investor or a first-time landlord, these figures show that rental properties are a hot commodity.