Buy to let rents rise by 2.1 per cent in a year

Rents across the country rose by 2.1 per cent in October compared to a year ago, according to a new study, with tenants paying an average rent of £928 a month.

Rents in London are much higher – averaging £1,619 a month after going up 4 per cent year-on-year, says the research from leading tenant referencing firm Homelet.

When rent figures for the capital are stripped out of the statistics, average UK rents fall to £768 a month and show a rise of 1.7 per cent for the year.

The report highlights that rents in London are nearly 75 per cent higher than the average for the rest of the country. Within Greater London, the range of rent rises and falls varies widely.

In Camden and The City, rents are up 19.4 per cent year-on-year, while tenants in Redbridge and Waltham Forest have seen them fall by 3.9 per cent.

Outside London, rents were up in every region except the North East, where they slipped 2.5 per cent in the year to October.

Average rents there were £528 a year ago, but have fallen to £515.

Rents have increased the most in Northern Ireland (4.5 per cent) and Scotland (4.2 per cent). The biggest increase in England was in London (4 per cent), followed by the South East (3.4 per cent).

On average, rents eat 30.6 per cent of household income.

 

UK rents – October 2018

RegionAve rent Oct 2018Ave rent Oct 2017Annual change
Northern Ireland£653£6254.5%
Scotland£647£6214.2%
Greater London£1,619£1,5564.0%
South East£1,010£9773.4%
South West£811£7902.7%
East Midlands£628£6181.6%
West Midlands£693£6831.5%
East of England£908£9010.8%
North West£697£6920.7%
Yorkshire & Humberside£631£6280.5%
Wales£614£6120.3%
North East£515£528-2.5%
UK£928£9092.1%

 

Source: Homelet

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