Average UK rents up 2.1% year on year in September, index data shows

Average UK rents up 2.1% year on year in September, index data shows
11/10/2017 , by , in INTERNATIONAL

Average rents across the UK increased by 2.1% in September when compared to the same month a year ago taking the average monthly rent to £927, the latest index shows.

Rents in London rose 1.9% year on year, continuing the recovery that began last month after falls throughout the Spring and Summer. The average monthly rent in the capital now stands at £1,593.

Overall, the data from the HomeLet September rental index reveals that rents rose in 11 out of the 12 regions of the UK covered by the research

Only the South East of England recorded a negative rate of annual rental price inflation, down by 0.1%. The highest annual increase was in Northern Ireland with a rise of 4.3%, followed by a rise of 3.9% in the West Midlands and 3.7% in the East Midlands.

Rents rose in London, for the second month running after a four month period in which annual rental price inflation had slipped into the red. Rents in the capital were 1.9% higher last month than in September 2016, with the average tenancy agreed in London last month at £1,593.

Overall, month on month it was more of a mixed picture with rents down in most regions compared with August. The biggest monthly fall was 2.9% in the South West, followed by 2.6% in the South East, 1.7% in the North East and 1.4% in Wales.

Rents also fell on a monthly basis in by 1.3% in the East of England, by 0.9% in the North West, by 0.5% in the East Midlands, by 0.3% in Northern Ireland, by 0.2% in Scotland, by 0.1% in the West Midlands and were unchanged in Yorkshire and Humberside.

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