The data revealed that the rental market has returned to growth in 2015, with average rent on new tenancies signed in January 2.5% higher than in the previous month. Nine out of twelve regions in the UK have seen prices rise, with only the North East of England, Northern Ireland and the West Midlands seeing a decline in rental prices.
The HomeLet Rental Index figures for January 2015 reveal that after a period of seasonal adjustment towards the end of 2014, which saw rental prices falling in many parts of the country, the rental market has started 2015 with a return to growth. The average rent in the UK is now £889, compared to £867 at the end of 2014, and £799 in January 2014.
The figures show the highest growth occurring in the East Midlands, Scotland and East Anglia with rents rising 6.2%, 5.7% and 5% respectively.
|
Region |
January 2015 |
December 2014 |
Monthly variation |
January 2014 |
Annual variation |
|
East Midlands |
£617 |
£581 |
6.2% |
£572 |
7.9% |
|
Scotland |
£651 |
£616 |
5.7% |
£595 |
9.4% |
|
East Anglia |
£762 |
£726 |
5.0% |
£750 |
1.6% |
|
South West |
£830 |
£802 |
3.5% |
£750 |
10.2% |
|
Yorkshire & Humber |
£613 |
£594 |
3.2% |
£557 |
10.1% |
|
Greater London |
£1,425 |
£1,393 |
2.3% |
£1,257 |
13.4% |
|
Wales |
£586 |
£573 |
2.3% |
£580 |
1.0% |
|
North West |
£650 |
£645 |
0.8% |
£619 |
5.0% |
|
South East |
£873 |
£867 |
0.7% |
£838 |
4.2% |
|
Northern Ireland |
£556 |
£559 |
-0.5% |
£569 |
-2.3% |
|
West Midlands |
£635 |
£642 |
-1.1% |
£606 |
4.8% |
|
North East |
£518 |
£532 |
-2.6% |
£505 |
2.6% |
|
Overall UK average |
£889 |
£867 |
2.5% |
£799 |
11.2% |
|
UK excluding Greater London |
£707 |
£694 |
1.7% |
£673 |
5% |
|
Notes: source HomeLet |
Based on new tenancies in Jan 2015 |
Based on new tenancies in Dec 2014 |
Monthly growth Dec 2014-Jan 2015 |
Based on new tenancies in Jan 2014 |
Comparison of rent prices Jan 2014 to Jan 2015 |
