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Rise in rents highest in South West

The South West that has seen the biggest hike in month on month rent prices while London rents have fallen, according to HomeLet.

Charlotte Flake

Rent prices index

The South West region has seen the biggest month on month increase in rent prices at 2%, making the average UK rent now £893 when excluding London.

Annually, however, the region sits in the bottom half of the league table, with rents up 6.4% since last year compared to 12.6% in the capital.

Across Greater London, rents actually fell by 0.3% in December. It’s the same picture for Scotland, while Wales and Northern Ireland saw a 0.8 % and 1.8% decrease respectively.

The latest Rental Index from HomeLet has revealed that the average rent in the UK as a whole now stands at £1,060 – 8.3% higher than 12 months ago.

December 2021 Rent Prices

 

Region December-2021 November-2021 December-2020 Monthly Var Annual Var
Greater London £1,752 £1,757 £1,556 -0.3 % 12.6 %
Northern Ireland £724 £737 £651 -1.8 % 11.2 %
North West £844 £835 £772 1.1 % 9.3 %
Wales £736 £742 £679 -0.8 % 8.4 %
Yorkshire & Humberside £737 £736 £682 0.1 % 8.1 %
North East £580 £575 £539 0.9 % 7.6 %
Scotland £738 £740 £687 -0.3 % 7.4 %
West Midlands £786 £785 £735 0.1 % 6.9 %
East Midlands £742 £729 £694 1.8 % 6.9 %
South West £983 £964 £924 2.0 % 6.4 %
East Of England £1,031 £1,030 £983 0.1 % 4.9 %
South East £1,123 £1,129 £1,085 -0.5 % 3.5 %
UK £1,060 £1,058 £979 0.2 % 8.3 %
UK excluding Greater London £893 £889 £838 0.4 % 6.6 %

 

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: “2021 ended with an imbalance between supply and demand, and this is a trend that we are expecting to continue into 2022. This trend will almost certainly lead to a continuation of rental price growth as the year develops.

Link to Tenant Referencing feature“We have again seen the Government focus on the rental sector, with the Renter’s Reform Bill likely to abolish Section 21 – the clause which gives landlords the option to end ‘rolling’ tenancies with two months’ notice without giving a reason. We have repeatedly seen the Government make things harder for landlords, who are already the cornerstone of the rental market upon which the UK relies so heavily. Increased legislation for landlords is putting the rental sector at risk, and the UK Government must reconsider.

“As a final point, we have seen a rise in tenancy fraud in recent times. We’re seeing an increase in volume and sophistication, at a time when the risks and legislation landlords face are growing. To counter this, it is imperative that we see a higher quantity of professional letting agents.”

The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.

January 11, 2022

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