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Rents up almost everywhere - but pace of growth is slowing

Rents for new tenants across the UK continued to rise during August and now stand at an average of £913 a month, a 3.1 per cent increase on the same month of 2015.

However, the latest survey by HomeLet says the pace of growth is moderating. 

The 3.1 per cent recorded in August is comparable to annual increases of between 3.5 and 3.8 per cent over the previous four months. By contrast, annual rental inflation was running at close to 6.0 per cent this time last year.

Eleven of the 12 regions surveyed by HomeLet have shown rises, but London and the south east rents have dipped noticeably.  

The regional picture is as follows:

East of England: average rent £915 - up 5.8% over the past year;

Wales: £654 - up 5.2%

North West: £699 - up 4.3%

West Midlands: £674 - up 3.3%

South East: £1,034 - up 3.3%

Northern Ireland: £627 - up 2.8%

Greater London: £1,497 - up 2.7%

South West: £799- up 1.6%

Yorkshire & Humberside: £640 - up 1.3%

Scotland: £629 - up 1.1%

East Midlands: £621 - up 1.0%

North East: £535 - down 1.6%

All-UK: £913 - up 3.1%

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