Average Rental Prices rise By Over 1%

The headlines from this month’s report are:

  • The average rent in the UK is now £937, this is up by 1.3% on the same time last year
  • When London is excluded, the average rent in the UK is now £777, up by 1.0% on last year
  • Average rents in London are £1,615, up 3.3% on last year, this is the first month on record that average rents in Greater London have surpassed £1,600.
  • The region with the largest year-on-year increase is Northern Ireland, showing a 4.5% increase in average rental prices
  • The region with the largest month-on-month increase is the South East, showing a 2.6% increase between June and July 2018
  • Whilst nine of the regions identified by the HomeLet Rental Index saw rents rise this month, Scotland, the North East and the East of England saw rents fall from June to July 2018

As the UK’s largest tenant referencing firm, HomeLet reference 500,000 tenants every year, 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.