Rents fall across eight UK regions

Landlords in eight of the UK’s 12 regions saw average rents fall in September, despite the national figure reaching another record high.

HomeLet’s latest index puts the UK average at £1,387 a month, up 0.4% from August and 3.3% on a year earlier.

Outside Greater London, however, rents dipped by 0.3% over the month to £1,176.

The figures cover achieved rents from newly agreed tenancies, rather than advertised prices.

Tenant affordability under pressure

Jo Dickens, the firm’s head of business development, said: “Rents in Northern Ireland and the South West are up more than 5% year on year, while annual increases in the West Midlands and South East are below 2%.

“A slower rise in local rents doesn’t necessarily mean applicants are finding properties easier to afford.”

Northern Ireland recorded the largest monthly increase, with rents rising 2.2% to £1,009.

Greater London followed with a 1.5% rise to £2,272, while Yorkshire and Humberside and the South West were the only other regions to record increases.

Rent and income

Annual growth was strongest in Northern Ireland and the South West, both at 5.4%, followed by Scotland at 4.9%.

Wales was the only region where rents were lower than last year, down 0.4% to £920.

Across the UK, tenants spent an average of 32.1% of their income on rent, and in Northern Ireland, that share reached 40%.

London tenants committed 38% of their income to rent, with the capital remaining the most expensive market.