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Massive regional rent differences as average nears £1,000 pcm
The latest survey of private sector rents by HomeLet shows very large regional differences with one area seeing a 4.9 per cent fall in rent levels over the past year – yet another showing a 9.0 per cent increase.
In the three months to October, HomeLet calculates that the average UK rent – excluding London – is £749 pcm, some 3.5 per cent higher than the same period last year.
Including London and over the same period, the average UK rent soars to £997 pcm, a rise of 9.7 per cent over the level a year ago.
However, as ever there are significant regional variations. Rents in the north west of England, for example, have fallen 4.9 per cent in the past year; rents are also down, although by only small amounts, in East Anglia and Northern Ireland.
Rents elsewhere are up annually, ranging from 1.8 per cent in Wales to 7.5 per cent in Greater London and 9.0 per cent in Scotland.
HomeLet says average rental values in London have reached £1,560 pcm, meaning that rents in the capital are now 108 per cent higher than the rest of the UK.
A HomeLet survey into the rental market suggests 64 per cent of tenants are expecting to continue renting for a year or longer, while 90 per cent of those surveyed said that they were happy with their current landlord.
