Homelet’s Rental Index figures for July 2019 show that rents are rising at the same rate at 2.3% on the same time last year – and they are rising everywhere.
Outside of London, the average rent in the UK is now £794, up 2.2% on last year Average rents in London are now £1,665, up by 3.1% on last year, which is the largest year-on-year increase is the South West, showing a 4.5% increase between July 2018 and July 2019.
All 12 of the regions monitored by HomeLet showed an increase in rental values between July 2018 and July 2019.
The highs and lows are quite dramatic, especially in London boroughs, where the annual variance in rents range from -3.4% in Camden and the City of London, whilst in Westminster the figure was 9.5%.
In Scotland as a whole, rental values are up by 4.3% – the same rise in Wales HomeLet remains the UK’s largest tenant referencing firm, referencing over 500,000 tenants every year.
The trends reported within the HomeLet Rental Index are new tenancies arranged in the most recent period, providing an in-depth insight into the lettings market.