Friday, May 20, 2022

Rents down month on month across most UK private rented sector

Rents in the UK private rented sector increased in the 12 months to November, but down month on month in most regions, the latest rental 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.

Chief executive at HomeLet, Martin Totty said 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.


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