Residential rents in London continued to climb with average monthly rent reaching £1,630 in December 2019, registering an increase of 2.1 per cent over the corresponding period last year.
The latest HomeLet Rental Index revealed that London, as one of the top residential rental markets, continued to maintain its growth momentum, delivering healthy returns to landlords. Average rents in London were 105 per cent higher than the rest of the UK. The average rental values in London are 71 per cent higher than in the UK (£953).
Working professionals, the international community, students and the business community are continuing to drive growth in the London rental market. With Brexit-related uncertainty expected to end shortly, the market sentiments are turning positive gradually.
Average rents across the UK rose by 3.5 per cent in December 2019 when compared to the same month a year previously; the average monthly rent is now £953. When London is excluded, the average UK rental value was £793 in December 2019, this is up 3.9 per cent on last year.
HomeLet's December Rental Index reveals that rents rose from last year in all 12 of the regions covered in the research. The highest increase in monthly rents was in Wales (9.7 per cent), followed by North West (8.3 per cent); North East (6.3 per cent); Northern Ireland (5.4 per cent); East Midlands (5.2 per cent), and Scotland and Yorkshire & Humberside (5 per cent).
Rents in London increased by 2.1% in December 2019 than in the same month of 2018; the average rent in the capital now stands at £1,630 a month.