Residential rents in the UK increase by 2.7% - HomeLet

Average rents across the UK increased by 2.7 per cent in October 2019 with the average monthly rent estimated at ￡953, according to the latest HomeLet Rental Index. Despite Brexit-related uncertainty casting its shadow on the property market, the growth in the residential rents demonstrates the stability in the housing market. The strong fundamentals of the UK property market, buoyed by demand for rental properties, have ensured that the rental market continues to show positive growth. Rents in London, one of the top residential rental markets in the world, increased by 2.8 per cent in October 2019 than in the same month of 2018; the average rent in the capital now stands at ￡1,665 a month. In fact, average rents in London were 111.3 per cent higher than the rest of the UK. The average rental values in London (￡1,665) were 74 per cent higher than the UK (￡953). When London is excluded, the average UK rental value was ￡788 in October 2019, up 2.8 per cent on last year. The Rental Index revealed that rents rose from last year in all 12 of the regions covered in the research. Rental values in the North East, North West, Scotland, Yorkshire & Humberside, Northern Ireland, East of England and South West all rose at a rate faster than the UK average.

https://insights.strawberrystar.com/post/102fuqx/residential-rents-in-the-uk-increase-by-2-7

Private rental prices in England increased by 1.4% - ONS

Private rental prices paid by tenants in England increased by 1.4 per cent annually, according to the latest Index of Private Housing Rental Prices (IPHRP), released by the Office for National Statistics (ONS). This demonstrates the resilience of the private rental market, which has withstood the impact of Brexit on the residential property market in England. The growth in private rental prices is up slightly from 1.3 per cent in the year to September 2019. When London is excluded from England, privately rented properties increased by 1.6 per cent in the 12 months to October 2019. Growth in private rental prices paid by tenants in the UK generally slowed since the beginning of 2016, driven mainly by a slowdown in London over the same period. Rental growth started to pick pace since the end of 2018, driven by strengthening growth in London. London private rental prices increased by 0.9 per cent in the 12 months to October 2019. The private rental prices in London have been consistently growing for the last four months. Focusing on the English regions, the largest annual rental price increase was in the South West (2.2 per cent), followed by the East Midlands (1.9 per cent), Yorkshire and the Humber (1.8 per cent) and the South East (1.7 per cent). On the whole, rental prices in the UK increased by 1.3 per cent annually. Focusing on the long-term trend, between January 2015 and October 2019, private rental prices in the UK increased by 8.1 per cent. This clearly indicates that the fundamentals of the UK residential property market are strong and continue to provide healthy returns to investors.

https://insights.strawberrystar.com/post/102fuz4/private-rental-prices-in-england-increased-by-1-4-ons

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