This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
New figures have shown that rents within the UK have continued to rise during the past twelve months.
Rise
Findings from the HomeLet Rental Index suggest that rents in Britain are now 10.2% higher than at this time last year. During the first quarter of 2015, the average rent for a tenancy was £902, in comparison to £819 during the same period last year.[1]
With the exception of Greater London, average rents across all of the U.K are 6.7% higher than twelve months ago. This is the strongest rate of growth since the formation of the HomeLet Rental Index in 2008.[2]
The largest increase in rental prices was evident in the South West of England, with rents 13.7% higher than in quarter one of 2014. Greater London and the South West of England aside, the South West has the highest rents in all of Britain, with rents averaging £851 per month.
Already in 2015, figures for quarter one suggest a further rise in rents, with ten out of twelve UK regions reporting a rise in prices from the previous month.
The full findings of the HomeLet Rental Index are indicated below:
Rents continue to rise in the UK
| Region | Average rent 3 months to March 2015 | Average rent 3 months to Feb 2015 | Monthly Variation |
Average rent 3 months to March 2014 | Annual Variation |
| South West | £851 | £832 | 2.3% | £748 | 13.7% |
| North West | £671 | £657 | 2.2% | £635 | 5.6% |
| N. Ireland | £583 | £571 | 2.1% | £562 | 3.7% |
| South East | £893 | £881 | 1.4% | £847 | 5.5% |
| East Anglia | £769 | £760 | 1.2% | £726 | 6.0% |
| East Midlands | £605 | £598 | 1.2% | £571 | 5.9% |
| Greater London | £1,427 | £1,413 | 1.0% | £1,310 | 8.9% |
| Scotland | £631 | £625 | 1.0% | £587 | 7.5% |
| Wales | £577 | £576 | 0.2% | £582 | -0.9% |
| West Midlands | £643 | £642 | 0.1% | £600 | 7.1% |
| Yorks & Humber | £611 | £613 | -0.3% | £571 | 7.0% |
| North East | £520 | £533 | -2.4% | £501 | 3.8% |
| Overall
UK average |
£902 |
£889 |
1.5% |
£819 |
10.2%[3] |
[1-3] http://www.whathouse.com/news/article/5534b8334031b9560c580535/UK+rents+have+increased+by+10%2525+in+the+last+year
