Newly agreed rents continued to rise across the UK, with a stronger increase in the east midlands than in most other areas, according to two separate sets of figures.
The latest Landbay Rental Index claims that rents in the UK grew by an average of 0.69% year on year in February to £1,199 a month.
However, that’s still lower than the current rate of UK inflation, which stands at 3% (based on the Consumer Prices Index in January 2018), potentially making life for landlords more difficult.
Landbay recorded a faster rise in the east midlands than in any other UK region, with rents rising by 2.24% year on year, followed by the east of England (1.58%).
Even with the comparatively rapid growth, renting remains more affordable in both the east midlands (£626) and east of England (£910) than the average across the UK, according to Landbay’s figures.
It put the average London rate at £1,878 a month, down 0.39% year on year.
Meanwhile, new figures from HomeLet, which relate to new tenancies, suggest that the average UK rent rose 1.2% to £906 per month in February.
When London is excluded, the average rent in the UK is now £758, it claims, up by 1.6% on last year.
Average rents in London were £1,537, 1.1% higher than a year ago, and rents in Scotland rose 5.5% year on year.
HomeLet also showed a marked increase in the east midlands, rising 3.9% to £595.
Comments (2)
We should be building more shop doorways and park benches to cope with the homelessness this government is deliberately creating.
0.69%pa – you ain’t seen nothing yet.
Now that s.24 has kicked in, Landlords are seeing their tax bills rising massively. Expect a 20-30% rise in rents over the next 3 years, just to pay for this faux Tory Government tax.
The Government wants Landlords to “squeal”, but it’ll be drowned out by Tenants, and escalating homeless people.