Dec

Homelet Rental Index shows 3.2% average UK rent rise in 12 months

admin

Rent Increases:

The latest HomeLet
Rental Index shows that the average rent across the UK for a new
tenancy in November 2019 was £947 per calendar month (pcm), which is
an increase of 3.2% on the same month last year.

With the current
Consumer Price Index (CPI) running at 1.5% and the Retail Price Index
(RPI) at 2.2%, that gives a net increase in average rents of no more
that 1.7% net, 1% if you take the RPI. Average weekly earnings for
the economy as a whole ending October 2019 rose by 3.2%, so rent
increases are broadly in-line with average wage rises.

The main points of the report were:

Average rents
across the UK rose by 3.2% in November 2019 when compared to the
same month a year previously; the average monthly rent is now £947
Rents in London
increased by 3.2% in November 2019 than in the same month of 2018;
the average rent in the capital now stands at £1,648 a month.
When London is
excluded, the average UK rental value was £784 in November 2019,
this is up 3.2% on last year.
HomeLet’s
November Rental Index reveals that rents rose from last year in all
12 of the regions covered in the research.
In November,
average rental values in London (£1,648) were 74% higher than the
UK (£947)
When London is
excluded the average rent in the UK was £784 in November, average
rents in London (£1,648) were 110.2% higher than the rest of the UK

The HomeLet data
also shows that rents in the Wales are growing faster than any other
region in the UK, whilst rental growth in London has now declined by
over 1.0% for the past three months. Rental values in the North East,
North West, Scotland, Yorkshire & Humberside, Northern Ireland
and Wales all rose faster than the UK average.

Rental figures from the November 2019 HomeLet Rental Index

The
table below provides a regional breakdown of the latest average
rental values in the UK.

Rental
figures from the November 2019 HomeLet Rental Index

Region	Nov-2019	Oct-2019	Nov-2018	Annual Variation
South West	£838	£840	£819	2.3%
Scotland	£664	£674	£635	4.6%
Wales	£630	£623	£599	5.2%
Greater London	£1,648	£1,665	£1,597	3.2%
Northern Ireland	£667	£672	£639	4.4%
East Midlands	£642	£642	£625	2.7%
North West	£721	£727	£694	3.9%
East Of England	£917	£924	£898	2.1%
West Midlands	£701	£706	£688	1.9%
South East	£1,013	£1,020	£989	2.4%
Yorkshire & Humberside	£652	£653	£623	4.7%
North East	£540	£538	£517	4.4%
UK Average	£947	£953	£918	3.2%
UK (excluding Greater London)	£784	£788	£760