Property Rental Index Shows UK Rents Rising

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The latest HomeLet Property Rental Index for February has reported rents continuing to rise across the UK, with the monthly average now standing at £955, up by 1.6 per cent on the same time last year

When London is excluded, the average rent in the UK is now £791, this is up by 1.2 per cent on last year

Nine of the twelve regions monitored by HomeLet showed an increase in rental values between February 2019 and February 2020, with two of those regions seeing an increase of more than 5 per cent.

The region with the largest year-on-year increase found to be the North West of England, showing a 6.8 per cent increase between February 2019 and February 2020.

Wales showed the next highest increase according to the property rental index at 5.5 per cent, closely following by Northern Ireland with a 4.9 per cent annual rise in rents.

The East Midlands remained strong with a 4.2 per cent annual rent rise according to the property rental index, while Greater London also reported a rise of 3.2 per cent to reach a new average rent of £1,627 per calendar month.

The worst performing area shown on the HomeLet Property Rental Index was the South East of England where rents saw an annual drop of 2.7 per cent to a new average of £1,021 per calendar month.

The other two regions to record a drop in annual rents were the South West of England where rents fell by 2.2 per cent, and the North East registering a 1.3 per cent fall in average rents.

The HomeLet Property Rental Index provides the most comprehensive and up-to-date data on rental values in the UK, reporting brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market.