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TODAY'S OTHER NEWS

UK rents continue to rise in October

Rents in the UK’s private rented sector increased further in October, according to the latest data. 

The figures from HomeLet show that the average rent in the UK reached £953 per calendar month (pcm) in October, up 2.7% year-on-year. 

When London is excluded, the average rent in the UK is now £788pcm, up 2.6% on last year.

Average rents in London are now £1,665pcm, which is an increase of 2.8% on last year. 

All 12 of the regions monitored by HomeLet showed an increase in rental values between October 2018 and the corresponding month this year. 

Five of the regions monitored by HomeLet showed an annual increase of over 3% - the North East, North West, Yorkshire and Humberside, the South West and Scotland. 

The region with the largest year-on-year increase was the North East, showing a 4.5% increase year-on-year.

Region

Oct-19

Oct-18

Annual Variation

Sep-19

Monthly Variation

North East

£538

£515

4.5%

£535

0.6%

North West

£727

£697

4.3%

£739

-1.6%

Scotland

£674

£647

4.2%

£676

-0.3%

Yorkshire & Humberside

£653

£631

3.5%

£657

-0.6%

South West

£840

£811

3.6%

£846

-0.7%

Northern Ireland

£672

£653

2.9%

£673

-0.1%

Greater London

£1,665

£1,619

2.8%

£1,694

-1.7%

East Midlands

£642

£628

2.2%

£653

-1.7%

West Midlands

£706

£693

1.9%

£718

-1.7%

East of England

£924

£908

1.8%

£927

-0.3%

Wales

£623

£614

1.5%

£634

-1.7%

South East

£1,020

£1,010

1.0%

£1,045

-2.4%

UK

£953

£928

2.7%

£967

-1.4%

UK excluding Greater London

£788

£768

2.6%

£797

-1.1%

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    Interesting that the SNP anti landlord legislation has resulted in Scottish rents rising at nearly double the UK average. My own experience is that this is an underestimate as my rents have gone up by around a third since the December 2017 legislation removed the right of both landlords and tenants to agree to a fixed term lease fair to both parties. Anti landlord measures always end up being anti tenant measures too. The bright side for English landlords is that any moves against landlords will result in fewer rental properties and significantly higher rents for those who stick it out.

  • icon

    Interesting that the SNP anti landlord legislation has resulted in Scottish rents rising at nearly double the UK average. My own experience is that this is an underestimate as my rents have gone up by around a third since the December 2017 legislation removed the right of both landlords and tenants to agree to a fixed term lease fair to both parties. Anti landlord measures always end up being anti tenant measures too. The bright side for English landlords is that any moves against landlords will result in fewer rental properties and significantly higher rents for those who stick it out.

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