Rents fall month on month across most of the UK, latest index shows
Rents in the UK’s private rented sector increased by 1.5% in the 12 months to November, taking the average to £918 per month, but down month on month in most regions, the latest rental index shows.
However, when London is excluded the average rent in the UK is now £760, up by 0.9% on last year, according to the HomeLet index, while average rents in London are now £1,597, up by 4.4% year on year.
The largest year on year increase in November was in Greater London with an increase of 4.4% while the largest annual fall was a decrease of 3% in the North East.
Meanwhile Yorkshire and Humberside has seen the greatest decrease in the last 12 months, despite a modest 0.4% rise since October 2018, the region’s annual variance is down 3%.
In Scotland rents are up 2.4% year in year to an average of £635 but fell by 1.9% month on month while in the North West rents increased 1.3% year on year but fell 0.4% month on month to £694.
Rents in the West Midlands are up 1.9% on an annual basis but down 0.7% month on month to £688 and in the East Midlands they increased 1.6% year on year but fell by 0.5% month on month to £625.
In the East of England rents are up just 0.4% compared with November 2017 and fell by 1.1% month on month to an average of £898 while in Wales rents were down 1.8% year on year and down 2.4% month on month to £599.
Rents in Northern Ireland are up 2.9% year on year but down 2.1% month on month to £639 and in the South West of England they are up 2.1% on an annual basis and up month on month by 1% to £819.
In the South East average rents are up by 1.3% compared to November 2017 but they are down by 2.1% on an annual basis to £989.
‘Although on the increase, on average UK rents are rising slower than inflation at just 1.5%.
It’s no surprise that London rents are continuing to rise at nearly double the rate of inflation, having seen a 4.4% increase since November 2017,’ said Martin Totty, chief executive at HomeLet.