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Rent rises slow in every UK region
The pace of rising rents has slowed in every region of the UK in the past three months.
According to the HomeLet Rental Index, new tenants were paying £992 a month on the average property in the three months to August, a modest rise from the £977 figure for the three months to July.
And the Index showed that in the South-East, North-East and North-West, rent prices actually retracted.
The biggest fall was in the North-East, where rents paid for new tenancies in the three months to August 2015 were, on average, 2.1% lower than in the three months to July.
However, it also revealed that new tenants were paying, on average, 10.5% more than a year ago.
In Greater London, the rent on the average new tenancy now stands at £1,558 a month.
Overall, the average UK rent on new tenancies has increased 1.6% in the three months to August 2015, compared to an increase of 2.2% for the three months to July and June 2015.
With the exception of Wales, where rents rose by 2.5%, no region saw rents increase by more than 2%.
Commenting on the report, Martin Totty, Barbon Insurance Group’s chief executive officer, said: “Rents continue to run slightly ahead of house prices, with the majority of the UK still experiencing rising rents, albeit at a much slower pace than we saw in the early part of 2015.
“On an annualised basis, however, rents in most regions are still significantly higher than the same period a year ago, with only the North-West reporting lower rents for new tenancies in the three months to August 2015 than for the same period last year.
“Broadly we are continuing to see a robust rental market with rent prices continuing to rise.
“This picture is consistent right across the UK with only one or two exceptions, such as East Anglia, where prices rose sharply in 2014 and early 2015 but have now slowed notably, and the South-West, which continues to see annual price rises in double figures.
“We now ask ourselves: will the next few months see the pace of rent price growth resume, or has this slowing set the tone for the rest of 2015?”
http://www.propertyindustryeye.com/rent-rises-slow-in-every-uk-region/
