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Good news – rents up sustainable 2% and London doing well at last
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Original Source: Letting Agent Today.
Original Author: Graham Norwood.
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The average rent in the UK is now £919, up two per cent on the same time last year according to the latest figures from HomeLet.
When London is excluded, the average rent in the UK is £763, up by 1.3 per cent annually.
Average rents in London are 72 per cent more than the rest of the UK at £1,586, up 5.6 per cent over the past 12 month, despite a recent drop.
London’s annual rise is the highest regional year-on-year increase identified by HomeLet this month, while the region with the largest month-on-month increase is the North East, up 1.9 per cent in just over four weeks.
But in the past month HomeLet says rents have fallen in five regions – Greater London, Scotland, the West Midlands, the East Midlands and the South West.
The five London boroughs with the highest average absolute rents are Westminster, Camden, Lambeth, Kensington & Chelsea, and – perhaps surprisingly – Tower Hamlets.
The five lowest are Croydon, Barking, Waltham Forest, Bexley and Greenwich.
