Average UK rents have remained broadly static in February, with the HomeLet Rental Index recording a slight dip to £1,301 – down 0.1% from January’s £1,302. Year-on-year, rents are up 2.0% compared to February 2025.
Excluding Greater London, average rents across the rest of the UK rose marginally to £1,120, a 0.2% monthly increase and 1.8% higher than a year ago.
London continues its downward trend, with rents falling for the fourth consecutive month to £2,067 – a 0.5% drop since January, though still 2.0% above February 2025 levels.
Regional variations
On a regional level, six areas saw rents decrease while six recorded increases. The South East posted the strongest monthly gain at 1.2%, while Wales saw the biggest fall at -1.1%.
Annual growth was strongest in Northern Ireland (+5.1%), followed by the North East and Scotland (both +4.6%). The East of England was the only region to record a year-on-year decline, down 0.3%.
Tenants prioritising affordability
Carrie Alliston, Head of Partnerships at HomeLet and Let Alliance, said the figures reflect a market “slowing in a different way” – not through falling rents, but through longer void periods as tenants take more time to commit.
“The average proportion of income spent on rent (30.9%) has only gone up by 0.1% since November last year, which shows that tenants are being more cautious about what they can afford and how sustainable higher rents really are,” she said.
With the Renters’ Rights Act drawing closer, Alliston emphasised the importance of prioritising tenant suitability and stability over simply pushing for the highest possible rent.
“Thorough referencing, robust fraud prevention and intelligent tenancy management systems are becoming even more critical in helping agents place the right tenants, protect landlords’ income, and handle a market where both affordability and compliance are under greater scrutiny.”
Key figures
- Average UK rent: £1,301 (-0.1% MoM, +2.0% YoY)
- UK excluding London: £1,120 (+0.2% MoM, +1.8% YoY)
- Greater London: £2,067 (-0.5% MoM, +2.0% YoY)
The HomeLet Rental Index is based on actual achieved rents from newly agreed tenancies, drawing from more than one million references processed annually for over 5,000 UK letting agents – making it one of the most comprehensive measures of rental market trends available.
Editor’s view
The rental market appears to be reaching a ceiling – not because tenants don’t need housing, but because they simply can’t afford to stretch any further. With rents taking up nearly a third of average incomes, the days of aggressive annual increases may be behind us. Landlords would be wise to focus on retention and void minimisation rather than chasing marginal rent increases that could cost them good tenants.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 28 February 2026
Sources: HomeLet Rental Index February 2026
Related reading: Rent growth forecast to rise 12% as market normalises, says Savills
