Average monthly rents up 2.5% in January

Posted 27 February 2015

New findings from the HomeLet Rental Index have revealed that the rental market has returned to growth in 2015, with the average rent on new tenancies signed in January 2.5% higher than in December. Nine out of twelve regions in the UK have seen prices rise, with only the North East of England, Northern Ireland and the West Midlands seeing a decline.

The figures reveal that after a period of seasonal adjustment which saw rental prices falling in many parts of the country, the market has started 2015 on the front foot. The average monthly rent in the UK is now £889, compared to £867 at the end of 2014, and £799 in January 2014.

The figures show the highest growth occurring in the East Midlands, Scotland and East Anglia, with rents rising 6.2%, 5.7% and 5% respectively.

Rental figures from the January 2015 HomeLet Rental Index

 

Region

   January 2015

     December 2014

    Monthly variation

  January 2014

   Annual variation

East Midlands

       £617

          £581

             6.2%

        £572

            7.9%

Scotland

       £651

          £616

             5.7%

        £595

            9.4%

East Anglia

       £762

          £726

             5.0%

        £750

            1.6%

South West

       £830

          £802

             3.5%

        £750

            10.2%

Yorkshire & Humber 

       £613

          £594

             3.2%

        £557

            10.1%

Greater London

      £1,425

        £1,393

             2.3%

       £1,257

            13.4%

Wales

       £586

          £573

             2.3%

        £580

             1.0%

North West

       £650

          £645

            0.8%

        £619

             5.0%

South East

       £873

          £867

            0.7%

        £838

              4.2%

Northern Ireland

       £556

          £559

           -0.5%

        £569

             -2.3%

West Midlands

       £635

          £642

           -1.1%

        £606

              4.8%

North East

      £518

          £532

           -2.6%

        £505

              2.6%

 

 

 

 

 

 

  Overall UK average

 

       £889

 

          £867 

 

           2.5%

 

       £799

 

           11.2%

 UK excluding Greater London 

       £707

          £694

           1.7%

       £673

             5%

 

 

Based on new tenancies in Jan 2015

 

Based on new tenancies in Dec 2014

 

Monthly growth Dec 2014-Jan 2015

 

 

Based on new tenancies in Jan 2014

 

Comparison of rent prices Jan 2014 to Jan 2015

 

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