Rental prices strong but housing market subdued

by Property 118

9:16 AM, 15th November 2019
About 3 weeks ago

Rental prices strong but housing market subdued

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Rental prices strong but housing market subdued

HOMELET’s Rental Index figures for October 2019 have been released.

The headlines from this month’s report are:

The average rent in the UK is now £953, up by 2.7% on the same time last year

When London is excluded, the average rent in the UK is now £788, this is up by 2.6% on last year

Average rents in London are now £1,665, up by 2.8% on last year

Nationwide’s House Price Index for October reported that annual house price growth remains subdued for another month, at just 0.4%, citing Brexit uncertainty as a factor

All 12 of the regions monitored by HomeLet showed an increase in rental values between October 2018 and October 2019

Five of the regions monitored by HomeLet showed an annual increase of over 3% – the North East, North West, Yorkshire and Humberside, the South West and Scotland

The region with the largest year-on-year increase is the North East, showing a 4.5% increase between October 2018 and October 2019

As the UK’s largest tenant referencing firm, HomeLet references over 500,000 tenants every year. The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.

The trends reported within the HomeLet Rental Index are brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market.

Head to https://homelet.co.uk/homelet-rental-index/ for more information.

Region Oct-19 Oct-18 Annual Variation Sep-19 Monthly Variation
North East £538 £515 4.5% £535 0.6%
North West £727 £697 4.3% £739 -1.6%
Scotland £674 £647 4.2% £676 -0.3%
Yorkshire & Humberside £653 £631 3.5% £657 -0.6%
South West £840 £811 3.6% £846 -0.7%
Northern Ireland £672 £653 2.9% £673 -0.1%
Greater London £1,665 £1,619 2.8% £1,694 -1.7%
East Midlands £642 £628 2.2% £653 -1.7%
West Midlands £706 £693 1.9% £718 -1.7%
East of England £924 £908 1.8% £927 -0.3%
Wales £623 £614 1.5% £634 -1.7%
South East £1,020 £1,010 1.0% £1,045 -2.4%
UK £953 £928 2.7% £967 -1.4%
UK excluding Greater London £788 £768 2.6% £797 -1.1%

 



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