By The average rent in the UK’s private rented sector increased by 3.8 per cent in the 12 months to February 2019 to £940, according to recent data released by HomeLet.
However, the data indicates that London plays a significant role in this rise, with the average rent rising only by 3.2 per cent to £782 when the capital is excluded. Meanwhile, the average in London itself was up 4 per cent to £1,599 over the same period, according to the recent data from HomeLet.
The 12 regions monitored in HomeLet’s rental index showed an increase in rental values between January 2018 and January 2019, with the largest rise of 7.7 per cent recorded in the South West, to an average of £868.
There was also strong annual rent growth in the South East, up 5.1 per cent to £1,046. This was closely followed by Wales, where rents increased 3.9 per cent year on year to £616 and Scotland, where rents increased 3.3 per cent to £653, according to the recent data from Homelet.
Other parts of the UK showed slower rental growth over the same period, according to HomeLet’s rental index. Annual rents increased by just 0.8 per cent in the North East to £524, 0.9 per cent in the East of England to £915, while in the East Midlands they were up by 1 per cent to £625. Also, rents were up by only 1.1 per cent in Northern Ireland to £638.
Rents increased by 1.6 per cent in Yorkshire and Humberside to £635, by 2.8 per cent in the North West to £707, and by 2.7 per cent in the West Midland to £694, indicating that rental growth is increasing at different rates, depending on the region.
Month-on-month rental growth
National month-on-month growth was 0.9 per cent, led by a rise of 4.1 per cent in Scotland, followed by a rise of 2.3 per cent in the South East and a rise of 1.7 per cent in Wales. However, rents fell on a monthly basis by 1.9 per cent in the North East and also decreased by 0.9 per cent in Northern Ireland, and fell by 0.2 per cent in Yorkshire and Humberside.
In the West Midlands, rents slightly increased month-on-month by 0.1 per cent and by 0.2 per cent in the East Midlands. Also, marginal increases were recorded in the North West, with a 0.6 per cent increase, as well as the East of England and London, which saw a 0.7 per cent monthly increase, according to the recent data from HomeLet.
London rental market
The data from HomeLet’s rental index also shows how the rental market in London varies considerably, with the highest annual rise in Wandsworth at 10.1 per cent, followed by a rise of 9.6 per cent in Haringey and Islington. A rise of 9.1 per cent was seen in Ealing, 7.8 per cent growth in Bexley and Greenwich, plus a rise of 7.2 per cent in Hackney and Newham.
On the other end of the scale, average rents fell by 3.7 per cent in Croydon and were down by 3.2 per cent in Hounslow and Richmond upon Thames. Meanwhile in Lewisham and Southark, rents increased by just 0.4 per cent, by 1 per cent in Camden and the City of London, and by 1.3 per cent in Bromley, according to the recent data from HomeLet.
The highest recorded rent in February in London was £2,281 in Westminster, which was followed by £2,059 in Lambeth, £2,054 in Camden and the City of London. Rent was lower in Chelsea, Fulham, Hammersmith and Kingston at £1,197 but as high as £1,789 in Tower Hamlets.
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