Propertymark says the salary needed to secure an average-priced rental home in London fell 17 percent year on year in June, even as average rents in the capital still rose to £2,385 a month.
The trade body’s latest tracker puts the representative salary needed for an average London rental at £71,550, down from £86,250 a year earlier. The North West saw a similar annual drop, from £40,350 to £33,300, while rents in both regions still moved higher month on month.
For landlords, the split matters now because it points to a market that is easing on paper without becoming cheap. Lower salary thresholds may help support tenant demand, but rents remain high and supply pressures have not gone away.
London rents are still rising despite the affordability shift
London recorded the sharpest improvement in the salary measure among the main regions in Propertymark’s June rental price and average salary tracker. Even so, the capital remains by far the most expensive part of the private rented sector, with average rents rising from £2,307 in May to £2,385 in June.
That matters for landlords because a lower salary hurdle does not automatically mean tenants feel flush. It can reflect changes in the mix of homes let, moderation from last year’s extremes, or a market that is still expensive but no longer stretching as fast as before. In practice, landlords still need to judge asking rents against local competition and tenant budgets rather than headline optimism.
This follows Landlord Knowledge’s June report on Propertymark’s regional rent tracker, which found affordability pressure spreading even where rents were still rising. The latest figures suggest some of that pressure has eased in salary terms, but not enough to change the wider supply story for landlords.
North West gains do not mean the pressure has gone
The North West also saw a large annual drop in the salary needed to secure an average-priced rental home, but rents there still edged up from £1,087 to £1,110 in June. Scotland posted the biggest monthly rent fall, down from £1,257 to £1,186, while Yorkshire and Humberside also slipped slightly.
The mixed regional picture backs a familiar warning for landlords: there is still no single UK rent market. Some areas are easing after steep rises, while others remain tight enough to support firmer pricing. Landlords who rely too heavily on national averages risk missing what is happening in their own patch.
That also fits with Landlord Knowledge’s recent HomeLet coverage on London pulling away, which showed the capital still operating on a different track from much of the rest of the country. Propertymark’s June data does not overturn that. If anything, it shows affordability can improve a little while headline rent levels still stay difficult for tenants.
The underlying figures were published in Propertymark’s housing insight reports, which track agreed rents and representative salary requirements across UK regions.
What this means for landlords
- If you let in London: the market still supports high rents, but tenants are likely to stay price-sensitive despite the lower salary benchmark.
- If you let in the North West: improving affordability may help demand, but it is not the same as a free pass for bigger rent rises.
- Watch for: longer marketing times where asking rents move ahead of what local incomes and competing stock can support.
- Bottom line: affordability has improved in parts of the market, but landlords still need disciplined, evidence-led pricing.
Editor’s view
Landlords should be careful not to mistake a softer affordability measure for a comfortable market. London is still expensive, supply is still tight, and rent-setting still works best when it is grounded in what tenants can actually pass and pay.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 13 July 2026
Sources: Propertymark housing insight reports, Propertymark rental price and average salary tracker
Related reading: Propertymark: Scotland rents jump 7.7% in May as affordability pressure spreads
