HomeLet rental index reveals
- Average rents across the UK rose by 0.9 per cent in October when compared to the same month a year ago; the average monthly rent is now £909
- Rents in London rose 0.6 per cent in October, year-on-year; the average monthly rent in the capital now stands at £1,556
- On an annualised basis, rents rose in 11 out of the 12 regions of the UK covered by the research; however, the average rents secured in October were lower than in September in every region, contributing to a significant slowing in the annual rate of inflation.
Rents in the UK rose by an average of 0.9 per cent during October, new data from HomeLet reveals, the fourth successive month of increases following a short period of falling rents in the Spring. The average rent agreed on a new tenancy signed in October was £909 according to the October HomeLet Rental Index, compared to £901 in the same month of last year.
However, while October’s average increase reflects higher rents recorded in 11 out of the 12 areas of the country that HomeLet monitors – the South-East was the exception – the pace of rental price inflation has slowed.
October’s 0.9 per cent increase follows rises of 2.0 per cent and 2.4 per cent in September and August respectively. Indeed, on a monthly basis, rents on new tenancies in October were lower in every area of the country than in September.
The national picture was reflected in London where annualised rental price inflation was 0.6 per cent in October, down from 1.8 per cent and 2.5 per cent in September and August.
The average tenancy agreed in London last month cost £1,556, compared to £1,593 in September. HomeLet’s regional data is available in more detail via an online interactive infographic.
Rental figures from the October 2017 HomeLet Rental Index
|Region||Average rent in October 2017||Average rent in September 2017||Average rent in October 2016||Monthly variation||Annual variation|
|East Midlands||£618||£620||£596||-0.3 per cent||3.6 per cent|
|Northern Ireland||£625||£636||£604||-1.7 per cent||3.4 per cent|
|West Midlands||£683||£692||£663||-1.3 per cent||2.9 per cent|
|North West||£692||£697||£676||-0.7 per cent||2.3 per cent|
|Yorkshire & Humberside||£628||£630||£615||-0.3 per cent||2.1 per cent|
|Scotland||£621||£628||£608||-1.1 per cent||2.1 per cent|
|North East||£528||£529||£518||-0.2 per cent||1.9 per cent|
|South West||£790||£814||£777||-2.9 per cent||1.6 per cent|
|Wales||£612||£617||£603||-0.8 per cent||1.5 per cent|
|Greater London||£1,556||£1,593||£1,547||-2.3 per cent||0.6 per cent|
|East of England||£901||£914||£899||-1.4 per cent||0.2 per cent|
|South East||£977||£1,001||£985||-2.4 per cent||-0.8 per cent|
|UK||£909||£927||£901||-1.9 per cent||0.9 per cent|
|UK excluding Greater London||£755||£766||£744||-1.4 per cent||1.5 per cent|
|Notes:||Based on new tenancies in October 2017||Based on new tenancies in September 2017||Based on new tenancies in October 2016||Comparison of average rent in October 2017 and September 2017||Comparison of average rent in October 2017 and October 2016|
HomeLet Rental Index Regional Variance Figures for October 2017: