Shocking new data has revealed that the average monthly rent for freshly leased properties beyond the boundaries of London has soared to an unprecedented milestone of £1,000 per calendar month (pcm). Recent data from Hamptons has laid bare the astonishing truth that the average rent outside London skyrocketed to £1,002 pcm in April, registering a staggering 7.8% surge—an additional £72 pcm compared to the corresponding period last year.

This remarkable juncture arrives in less than three years since the average rent for the entirety of Great Britain, encompassing London, last eclipsed the same threshold. The index initiated by Hamptons back in February 2013 reveals that the average rent outside London has traversed four monumental £100 pcm milestones, with an overwhelming majority—three, to be precise—materializing after the onset of the Covid era.

In stark contrast, the capital city of London has unabatedly maintained its robust rental growth, flaunting a resolute 17.2% annual surge, ultimately culminating in the average rent triumphantly surpassing the unprecedented £2,200 pcm mark in April.

Across the vast expanse of Great Britain, rents experienced a momentous year-on-year increase of 11.1%, thereby marking the second most formidable month for rental growth ever recorded. Since the cataclysmic advent of the Covid pandemic, rents have skyrocketed by an astronomical 25%, heaping an additional annual financial burden of £2,962 upon the average tenant.

Commenting on the compelling statistics, Aneisha Beveridge, Head of Research at Hamptons, remarked, “Back in February 2013 when our lettings index first saw the light of day, the average tenant embarking upon a fresh chapter in regions outside London would shell out £677 pcm, a staggering £325 pcm less than the prevailing rates witnessed in April 2023. It was just a mere 21 months ago, in August 2021, that the monumental £900 pcm milestone was breached.”

Undoubtedly, London has been ceaselessly spearheading the charge in rental growth, as substantiated by the fact that the average rent for a brand-new lease in Greater London climbed to a commanding £2,210 pcm in April, denoting a momentous 17.2% surge from the corresponding month in the previous year. Further analysis reveals that the average rent in Inner London surged to an eye-watering £3,138 pcm, embodying an astounding 24.9% increase or a remarkable £625 pcm surge compared to the prior year.

Meanwhile, Outer London showcased an unwavering trend of double-digit growth for the third consecutive month, bearing witness to a remarkable 15.1% year-on-year upswing in April. Nevertheless, it is worth noting that rental growth across the sprawling metropolis of London, since the advent of the Covid era, has been somewhat subdued in comparison to several other regions.

Beveridge added, “Despite the astronomical surge in rents since the emergence of the Covid pandemic, the average rent in regions beyond the confines of London has now smashed through the daunting £1,000 pcm barrier. While it is expected that affordability constraints will eventually apply the brakes on rental growth at some juncture this year, it is unlikely to decelerate significantly given the substantial number of landlords who are poised to pass on the mounting costs they face."

The previous month witnessed average rents attaining unprecedented heights in a staggering seven out of Great Britain's 11 regions, with only Wales, the South West, and the North East marginally lagging behind their peak levels. Meanwhile, Scotland displayed an astonishing double-digit rental growth of 12.8% in April, further accentuating the prevailing rental market dynamics across the nation.