The latest figures release by Homelet have revealed that the average rent in the UK is now £953, up by 2.3% on the same time last year.
According to the data, when London is excluded, the average rent in the UK is now £793, this is up by 2.3% on last year. Average rents in London are now £1,627, up by 2.5% on last year.
Nine of the 12 regions monitored by HomeLet showed an increase in rental values between January 2019 and January 2020, with four of those regions seeing an increase of more than 5%.
The region with the largest year-on-year increase is the North West, showing an 8.7% increase between January 2019 and January 2020.
The trends reported within the HomeLet Rental Index are brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market.