The latest data and analysis from HomeLet has shown that average rents across the UK rose by 1.7% in September 2018 when compared to the same month a year previously; the average monthly rent is now £943.
Rents in London increased by 3% in September 2018 than in the same month of 2017; the average rent in the capital now stands at £1,640 a month.
When London is excluded, the average UK rental value was £780 in September 2018, this is up 1.8% on last year.
In August, average rental values in London (£1,640) were 73.9% higher than the UK (£943)
When London is excluded the average rent in the UK was £780 in September, average rents in London (£1,640) were 110.3% higher than the rest of the UK.
Adam Male, Director of Lettings at Urban.co.uk, commented: “Rental prices have for the large part, continued their upward trend although this muted rate of growth will at least be welcomed by the nation’s tenants. However, yesterday’s second reading of the tenant fee bill along with the current political climate and previous restrictions on the buy-to-let sector is creating a recipe for increased turbulence in the UK rental sector.
Brexit aside, the perseverance of the government to relevel the lettings playing field in favour of the tenant is going to exacerbate the current friction point rather than reduce it.
We’ve already seen a mass migration of landlords leaving the buy-to-let sector and if this continues, a drastic reduction in rental stock will lead to a sharp uplift in rents.
Couple this with the potential, additional costs passed on by letting agents through no default fees in order to sidestep a fee ban, and the rental sector looks set to become even more unaffordable.”