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UK Rents are 10.2% Higher than Last Year
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Rent prices around the UK are now 10.2% higher than last year, the HomeLet Rental Index reveals.
UK Rents are 10.2% Higher than Last Year
In the first quarter (Q1) of 2015, the average rent on an agreed tenancy document was £902, compared to the Q1 2014 figure of £819.1 Every region of the UK has experienced rent growth in the last 12 months, except Wales.
Not including Greater London, average rents in the rest of the UK are 6.7% more than a year ago.1 This is the highest rate of yearly growth record by HomeLet since its 2008 launch.
The strongest growth was found in the South West of England, as rents were 13.7% higher in Q1 2015 compared to the same period in 2014.1
Excluding Greater London and the South East, the South West has the most expensive rents in the UK, as the average rent in this region is now £851 per month.
Ten out of 12 UK regions showed price increases in the first three months of the year compared to the previous months. For the three months to March, average rents grew by 1.5% compared to the three months to February.1
HomeLet also found that rent price growth in the Greater London market and those in the rest of UK are beginning to meet. In London, rents steadied in Q1 2015, but have been rising more quickly elsewhere in the country.
CEO of Barbon Insurance Group, parent company of HomeLet, Martin Totty, says: “With average rents for new tenancies across the UK now more than 10% higher than a year ago, what we are seeing is a market that is experiencing sustained demand from increasing numbers of people requiring privately rented property.
“However, rent price growth in London is no longer outpacing that of the rest of the UK. The HomeLet Rental Index shows that during the first three months of 2015, rents on new tenancies in six regions of the UK rose more quickly than Greater London. Demand for rental property in London remains high, but rent price growth in many regions outside of the capital has matched or exceeded London over the past three months.”1
1 http://www.propertyreporter.co.uk/landlords/average-uk-rent-surges-10-in-a-year.html
