Rents rise in October but rate slows

Rents in the UK rose by an average of 0.9% during October, new data from HomeLet reveals. This was the fourth successive month of increases following a short period of falling rents in the Spring.

Rents rise in October but rate slows

The average rent agreed on a new tenancy signed in October was £909 according to the October HomeLet Rental Index, compared to £901 in the same month of last year.

However, while October’s average increase reflects higher rents recorded in 11 out of the 12 areas of the country that HomeLet monitors – the South-East was the exception – the pace of rental price inflation has slowed. October’s 0.9% increase follows rises of 2.0% and 2.4% in September and August respectively.

Indeed, on a monthly basis, rents on new tenancies in October were lower in every area of the country than in September.

The national picture was reflected in London where annualised rental price inflation was 0.6% in October, down from 1.8% and 2.5% in September and August. The average tenancy agreed in London last month cost £1,556 when it was £1,593 in September.

 

Region Average rent in October 2017 Average rent in September 2017 Average rent in October 2016 Monthly variation Annual variation
East Midlands £618 £620 £596 -0.3% 3.6%
Northern Ireland £625 £636 £604 -1.7% 3.4%
West Midlands £683 £692 £663 -1.3% 2.9%
North West £692 £697 £676 -0.7% 2.3%
Yorkshire & Humberside £628 £630 £615 -0.3% 2.1%
Scotland £621 £628 £608 -1.1% 2.1%
North East £528 £529 £518 -0.2% 1.9%
South West £790 £814 £777 -2.9% 1.6%
Wales £612 £617 £603 -0.8% 1.5%
Greater London £1,556 £1,593 £1,547 -2.3% 0.6%
East of England £901 £914 £899 -1.4% 0.2%
South East £977 £1,001 £985 -2.4% -0.8%
UK £909 £927 £901 -1.9% 0.9%
UK excluding Greater London £755 £766 £744 -1.4% 1.5%

Notes:

 

Based on new tenancies in October 2017 Based on new tenancies in September 2017 Based on new tenancies in October 2016 Comparison of average rent in October 2017 and September 2017

Comparison of average rent in October 2017 and October 2016

 

 

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Tags: Homelet, rent, rents

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