The residential rents continued to maintain their upward trend in July 2017 across majority of the UK regions. According to the latest HomeLet Rental Index, the average monthly rent now stands at £925 a month in the UK.
The findings reveal that rents increased in nine of the 12 UK regions covered in the research. The UK average rental value increased by 1.9 per cent between June and July 2017.
The rental index and average prices are produced using HomeLet’s mix adjusted rental index methodology. This helps to track the representative rental values over time, which factor in changes in the mix of property types and locations of rented properties.
The rent in London continues to remain higher, as the demand from working professionals is at its peak. In July 2017, the average rental values in London were £1,564, 69.1 per cent higher than the UK average (£925). When London is excluded, the average rent in the UK was £769 in July.
Westminster, Lambeth, Camden (City of London), Tower Hamlets, and Chelsea, Fulham, Kensington and Hammersmith are among the five London boroughs with the highest average rent ranging from £2,115 to £1,670.
These findings indicate that investment in a buy-to-let property in the UK could fetch attractive ROI from rental income. If you are keen on investing in a buy-to-let property in London, contact Strawberry Star estate agents at our London office.
Rental price inflation has returned in the UK, rising by 1.1% in July compared to the same month a year ago