Rents on new tenancies have started the year rising above the rate of inflation.

Data from HomeLet shows average rents in the UK on new lets rose 2.3% annually to £953.

In contrast, the latest UK inflation rate is 1.3%.

When London is excluded, the average rent in the UK is now £793, up by 2.3% on last year.

Nine of the 12 regions monitored by HomeLet showed an annual increase in rents, with the highest in the north-west of England at 8.7% to £764 per month.

Tenants in the east, south-east and south-west of England all experienced a year-on-year decline in rents.

The monthly figures paint a different picture, though, with declines in nine out of the 12 regions.

This was led by a 2.4% drop in rents in the north-east to £540 per month.

Region

Jan-20

Jan-19

Annual Variation

Dec-19

Monthly Variation
North West

£764

£703

8.7%

£756

1.1%
Wales

£650

£606

7.3%

£653

-0.5%
Scotland

£666

£627

6.2%

£654

1.8%
East Midlands

£656

£624

5.1%

£662

-0.9%
Northern Ireland

£662

£644

2.8%

£666

-0.6%
Greater London

£1,627

£1,588

2.5%

£1,630

-0.2%
Yorkshire & Humberside

£651

£636

2.4%

£655

-0.6%
North East

£540

£534

1.1%

£553

-2.4%
West Midlands

£699

£693

0.9%

£700

-0.1%
South East

£1,021

£1,022

-0.1%

£1,023

-0.2%
East of England

£907

£909

-0.2%

£913

-0.7%
South West

£851

£859

-0.9%

£840

1.3%
UK

£953

£932

2.3%

£953

0%
UK excluding Greater London

£793

£775

2.3%

£793

0%