Private sector rents appear to be continuing their steady rise as research by lettings insurance agent HomeLet shows that prices are up 2.4% from a year ago.
The HomeLet Rental Index January 2018 found that 11 of 12 regions of Great Britain demonstrated a growth in rents, with only Wales posting a lower average rent than the same period last year – falling £2 to £603.
Right now, average rent across the country is at £909 a month. London alone saw a rise by 2.3% to a current rate of £1,532 a month. The region to see the highest proportional rise was the East Midlands, where rent shot up by 6% in one year.
When London is excluded from the equation, average rent in the UK is £760, a rise of 2.3% from January 2017.
HomeLet also discovered the average breakdown of the types of property renters lived in. Outside of London, the largest proportion, unsurprisingly, rented flats – 43.5% of the respondents. 17% live in terraced homes, 14.9% in semi-detached houses, and 12.7% in detached. Only 2.4% of people renting live in bungalows.
Currently, the monthly disparity between London and the rest of the country in terms of rental prices is at the lower end of its usual region, with the capital’s prices 68.5% higher than the UK as a whole.
HomeLet collect the data through their tenant referencing service – basing their statistics on actual rental prices when tenancies begin.
The end of 2017 also saw a rise in rents, with December achieving an annual 1.7% increase on the previous year. Commenting then, HomeLet’s CEO, Martin Totty, said:
“We continue to see a very mixed picture regionally: in areas of the country where rents rose less quickly in 2015 and 2016, rental price inflation was much higher last year ; by contrast, those areas where rents were previously rising fastest have been seeing much more modest increases.”