Rental values reflect UK’s mixed economic picture

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Rents dipped slightly last month across the UK, although figures are still higher than this time last year, according to the latest Rental Index data

The average rental price for a new tenancy in June was £951 a month – up 1.1% on last year, but down on £959 achieved in May – with eight of the 12 regions monitored by HomeLet showing an increase in rental values during the last 12 months.

While June was an encouraging month for lettings, according to Homelet, which received more applications for tenant reference checks this month than in the same month last year, chief executive Martin Totty says looking at trends by region offers the greatest insight into how variations will affect landlords and tenants across the country over the coming months. Over the last year, the North West recorded a 6.6% increase in rents while they fell 1.8% in Northern Ireland. 

Says Totty: “With demand for new tenancies still strong, rents overall may well hold up at the national level, whilst regional variations could continue to fluctuate, reflecting how any potential economic downturn will likely not fall evenly across the UK.”

While Homelet found that average rents in London are now £1,583, down by 1.7% on last year, they’re still 60% higher than the rest of the UK. The latest research by Spotahome, looking at the financial cost of renting in the capital, shows that the average 22-29-year-old has to fork out as much as 57% of their net monthly salary on renting a one-bed apartment. *Private renters are feeling happier than their social counterparts, according to the latest English Housing Survey data on attitudes and satisfaction, which found that 84% of private renters were satisfied with their accommodation in 2018/19 – up one percentage point from the year before – compared with 81% of social renters, while 73% of private renters were happy with the way their landlord carries out repairs and maintenance compared with 67% of social renters.

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