In September, the average rental price for a new tenancy in the UK was £967 per calendar month, up by 2.5% last year, according to HomeLet’s rental index for the month.
Rents in London increased by 3.3% last month than on the same month of 2018, with the average rent in the capital now standing at £1,694 a month – 75% higher than the UK average. Excluding the capital, the average UK rental value was £797 – up 2.2% on last year.
Separate data from Nationwide reported that house prices rose by just 0.2% in September, down from 0.6% in August and marking the tenth month in a row that the annual house price growth was recorded as under 1%.
All 12 of the regions monitored by HomeLet showed an increase in rental values, which appear to be in line with inflation, recorded at 2% in the Consumer Prices Index (CPI) in June 2019.
Five of the regions saw a year-on-year increase of over 3%. The North West (4.4%), the East Midlands (3.8%), the South West (3.4%), Greater London (3.30%) and the North East (3.10%) all witnessed rent increases faster than the UK average.
HomeLet references over 500,000 tenants every year to provide up-to-date data on rental values in the UK. The trends reported within the index are brand-new tenancies, which were arranged in the most recent period.
The table below provides a regional breakdown of the latest average rental values across the UK:
Region
|
Sep-19
|
Sep-18
|
Annual Variation
|
Aug-19
|
Monthly Variation
|
North West
|
£739
|
£708
|
4.40%
|
£741
|
-0.30%
|
East Midlands
|
£653
|
£629
|
3.80%
|
£655
|
-0.30%
|
South West
|
£846
|
£818
|
3.40%
|
£852
|
-0.70%
|
Greater London
|
£1,694
|
£1,640
|
3.30%
|
£1,689
|
0.30%
|
North East
|
£535
|
£519
|
3.10%
|
£531
|
0.80%
|
West Midlands
|
£718
|
£701
|
2.40%
|
£720
|
-0.30%
|
Yorkshire & Humberside
|
£657
|
£644
|
2.00%
|
£655
|
0.30%
|
Wales
|
£634
|
£621
|
2.10%
|
£636
|
-0.30%
|
Scotland
|
£676
|
£663
|
2.00%
|
£671
|
0.70%
|
East of England
|
£927
|
£915
|
1.30%
|
£930
|
-0.30%
|
Northern Ireland
|
£673
|
£664
|
1.40%
|
£664
|
1.40%
|
South East
|
£1,045
|
£1,043
|
0.20%
|
£1,064
|
-1.80%
|
UK
|
£967
|
£943
|
2.50%
|
£970
|
-0.30%
|
UK excluding Greater London
|
£797
|
£780
|
2.20%
|
£802
|
-0.60%
|
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