According to the report, rents in London rose 0.6% in October, year-on-year; the average monthly rent in the capital now stands at £1,556
However, while October’s average increase reflects higher rents recorded in 11 out of the 12 areas of the country that HomeLet monitors – the South-East was the exception – the pace of rental price inflation has slowed. October’s 0.9% increase follows rises of 2.0% and 2.4% in September and August respectively. Indeed, on a monthly basis, rents on new tenancies in October were lower in every area of the country than in September.
The national picture was reflected in London where annualised rental price inflation was 0.6% in October, down from 1.8% and 2.5% in September and August. The average tenancy agreed in London last month cost £1,556, compared to £1,593 in September.
A regional breakdown is as follows:
|
Region |
Average rent in October 2017 |
Average rent in September 2017 |
Average rent in October 2016 |
Monthly variation |
Annual variation |
|
East Midlands |
£618 |
£620 |
£596 |
-0.3% |
3.6% |
|
Northern Ireland |
£625 |
£636 |
£604 |
-1.7% |
3.4% |
|
West Midlands |
£683 |
£692 |
£663 |
-1.3% |
2.9% |
|
North West |
£692 |
£697 |
£676 |
-0.7% |
2.3% |
|
Yorkshire & Humberside |
£628 |
£630 |
£615 |
-0.3% |
2.1% |
|
Scotland |
£621 |
£628 |
£608 |
-1.1% |
2.1% |
|
North East |
£528 |
£529 |
£518 |
-0.2% |
1.9% |
|
South West |
£790 |
£814 |
£777 |
-2.9% |
1.6% |
|
Wales |
£612 |
£617 |
£603 |
-0.8% |
1.5% |
|
Greater London |
£1,556 |
£1,593 |
£1,547 |
-2.3% |
0.6% |
|
East of England |
£901 |
£914 |
£899 |
-1.4% |
0.2% |
|
South East |
£977 |
£1,001 |
£985 |
-2.4% |
-0.8% |
|
UK |
£909 |
£927 |
£901 |
-1.9% |
0.9% |
|
UK excluding Greater London |
£755 |
£766 |
£744 |
-1.4% |
1.5% |
|
Notes:
|
Based on new tenancies in October 2017 |
Based on new tenancies in September 2017 |
Based on new tenancies in October 2016 |
Comparison of average rent in October 2017 and September 2017 |
Comparison of average rent in October 2017 and October 2016 |
