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London's annual rent rise is lowest across all of UK, says HomeLet

Rents in London rose by just 1.6 per cent over the year to the end of November - the lowest increase of any region in the country according to HomeLet.

Rent increases in the capital are now running at barely over half the rate seen in the rest of the UK. 

Across the country, rents rose by an annual average of 3.0 per cent in November, after a fifth successive month in which rental inflation for that month alone had been flat or falling. 

A tenant signing up for a new tenancy during November agreed to pay an average monthly rent of £898, compared to £872 in November 2015.

In the first half of the year, rents across the UK consistently rose at rates above four per cent when measured on an annual basis, with the London market recording a peak of 6.2 per cent in March; since the summer, however, rental inflation has slowed considerably.

Here’s the regional picture from HomeLet:

Northern Ireland: average rent £592 / up 4.8% annually

South East: £1,009 / up 4.7%

North West: £678 / up 4.5%

Scotland: £610 / up 4.4%

West Midlands: £662 / up 4.3%

East of England: £901 / up 3.1%

North East: £524 / up 2.8%

South West: £786 / up 2.5%

Wales: £604 / up 2.4%

Yorkshire and Humberside: £620 / up 2.4%

East Midlands: £596 / up 1.6%

Greater London: £1,521 / up 1.6%

All-UK: £898 / up 3.1%

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