x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
    
newsletter-button

TODAY'S OTHER NEWS

UK rents continue to grow as housing market slows

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%

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up