Average rents across the UK increased by 2.7 per cent in October 2019 with the average monthly rent estimated at £953, according to the latest HomeLet Rental Index.
Despite Brexit-related uncertainty casting its shadow on the property market, the growth in the residential rents demonstrates the stability in the housing market. The strong fundamentals of the UK property market, buoyed by demand for rental properties, have ensured that the rental market continues to show positive growth.
Rents in London, one of the top residential rental markets in the world, increased by 2.8 per cent in October 2019 than in the same month of 2018; the average rent in the capital now stands at £1,665 a month. In fact, average rents in London were 111.3 per cent higher than the rest of the UK. The average rental values in London (£1,665) were 74 per cent higher than the UK (£953).
When London is excluded, the average UK rental value was £788 in October 2019, up 2.8 per cent on last year.
The Rental Index revealed that rents rose from last year in all 12 of the regions covered in the research. Rental values in the North East, North West, Scotland, Yorkshire & Humberside, Northern Ireland, East of England and South West all rose at a rate faster than the UK average.
For October 2019 the data shows that the average rental price for a new tenancy in the UK was £953 per calendar month (pcm), which is up by 2.7% on last year.