Rent Increases:

The latest HomeLet Rental Index shows that the average rent across the UK for a new tenancy in November 2019 was £947 per calendar month (pcm), which is an increase of 3.2% on the same month last year.

With the current Consumer Price Index (CPI) running at 1.5% and the Retail Price Index (RPI) at 2.2%, that gives a net increase in average rents of no more that 1.7% net, 1% if you take the RPI. Average weekly earnings for the economy as a whole ending October 2019 rose by 3.2%, so rent increases are broadly in-line with average wage rises.

The main points of the report were:

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  • Average rents across the UK rose by 3.2% in November 2019 when compared to the same month a year previously; the average monthly rent is now £947
  • Rents in London increased by 3.2% in November 2019 than in the same month of 2018; the average rent in the capital now stands at £1,648 a month.
  • When London is excluded, the average UK rental value was £784 in November 2019, this is up 3.2% on last year.
  • HomeLet’s November Rental Index reveals that rents rose from last year in all 12 of the regions covered in the research.
  • In November, average rental values in London (£1,648) were 74% higher than the UK (£947)
  • When London is excluded the average rent in the UK was £784 in November, average rents in London (£1,648) were 110.2% higher than the rest of the UK

The HomeLet data also shows that rents in the Wales are growing faster than any other region in the UK, whilst rental growth in London has now declined by over 1.0% for the past three months. Rental values in the North East, North West, Scotland, Yorkshire & Humberside, Northern Ireland and Wales all rose faster than the UK average.

Rental figures from the November 2019 HomeLet Rental Index

The table below provides a regional breakdown of the latest average rental values in the UK.

Rental figures from the November 2019 HomeLet Rental Index

Region Nov-2019 Oct-2019 Nov-2018 Annual Variation
South West £838 £840 £819 2.3%
Scotland £664 £674 £635 4.6%
Wales £630 £623 £599 5.2%
Greater London £1,648 £1,665 £1,597 3.2%
Northern Ireland £667 £672 £639 4.4%
East Midlands £642 £642 £625 2.7%
North West £721 £727 £694 3.9%
East Of England £917 £924 £898 2.1%
West Midlands £701 £706 £688 1.9%
South East £1,013 £1,020 £989 2.4%
Yorkshire & Humberside £652 £653 £623 4.7%
North East £540 £538 £517 4.4%
UK Average  £947 £953 £918 3.2%
UK (excluding Greater London) £784 £788 £760
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