Seven out of 12 of the UK’s regions have significantly increased their year-on-year average rental values, according to a recent review.
The latest data from the HomeLet Rental Index shows that seven UK regions’ rental values rose at a greater rate than the UK average of 2.3 per cent. Rents in the North West grew faster than any other region rising by 8.7 per cent to £764pm from January 2019 to January 2020. The North West was followed by Wales where average rental values rose 7.3 pr cent from £606 to £650pm. Scotland saw the next highest rental price rises (+ 6.2% to from £627 to £666pm), followed by East Midlands (+ 5.1% from £624 to £656), then Greater London (+ 4.4% from £1558 to £1627), Northern Ireland (+ 2.8% from £644 to £662pm) and Yorkshire & Humberside (+2.4% from £636 to £651pm).
Two further regions had increased rental values namely West Midlands + 0.9% and the North East +1.1% while the three final regions saw a slight fall in average rental values (East of England – 0.1%, the South East -0.1% and the South West -0.9%).
Nationwide, average rents across the UK rose by 2.3 per cent to £953 in January 2020 (higher than the rate of inflation, recorded at 1.8% in the Consumer Prices Index (CPI) in December 2019) when compared to the same month a year previously. Furthermore, when London was excluded, the average UK rental value was also up 2.3 per cent on last year at £793 per month.
Rents in London increased by 4.4 per cent in January 2020 when compared to the same month in 2019; meaning the average rent in the Capital now stands at £1,627 per month some 71 per cent higher than the UK average of £953.
The above data is collated from Homelet’s tenant referencing service and is based on actual achieved new tenancy rental prices. HomeLet’s interactive map provides even more refined area breakdowns and lists London borough statistics individually, so is worth a visit.