Rents grow as housing market slows

by Property 118

11:48 AM, 14th October 2019
About 2 months ago

Rents grow as housing market slows

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Rents grow as housing market slows

HOMELET’s Rental Index figures for September 2019 have been released. The headlines from this month’s report are:

The average rent in the UK is now £967, up by 2.5% on the same time last year

When London is excluded, the average rent in the UK is now £797, this is up by 2.2% on last year

Average rents in London are now £1,694, up by 3.3% on last year

Nationwide’s House Price Index reported that house prices rose by just 0.2% in September, down from 0.6% in August and marking the 10th 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 between September 2018 and September 2019

Five of the regions monitored by HomeLet showed an annual increase of over 3%, the North West, the East Midlands, the South West, Greater London and the North East

The region with the largest year-on-year increase is the North West, showing a 4.4% increase between September 2018 and September 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.

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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