HOMELET’S Rental Index figures for November 2018 have been released.
The headlines from this month’s report are:
- The average rent in the UK is now £918, this is up by 1.5% on the same time last year
- When London is excluded the average rent in the UK is now £760, this is up by 0.9% on last year
- Average rents in London are now £1,597, up by 4.4% on last year
- The largest year on year increase this month was Greater London showing a 4.4% difference between November 2017 and November 2018
- The largest year on year decrease this month was the North East showing a -3% difference between November 2017 and November 2018
Commenting on this month’s data, Martin Totty, chief executive at HomeLet, said: “Although on the increase, on average UK rents are rising slower than inflation at just 1.5%.
“However, there are some areas of the country showing more extreme variance. It’s no surprise that London rents are continuing to rise at nearly double the rate of inflation, having seen a 4.4% increase since November 2017.
“Meanwhile Yorkshire and Humberside has seen the greatest decrease in the last 12 months, despite a modest 0.4% rise since October 2018, the region’s annual variance is negative 3%.”
As the UK’s largest tenant referencing firm, the HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.
The trends reported within the HomeLet Rental Index are brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market.
Read the full Marker Report (PDF version) here