UK rent prices are picking up pace, but London is slowing down...

Posted 23 March 2015

The disparity between the growth of the London and nationwide rental markets is beginning to narrow, according to new figures from the HomeLet Rental Index.

While rent prices in London remained static in the three months to February, average UK rents increased to £899, compared to £889 at the end of January and £873 in December.

Seven out of twelve regions in the UK saw rent prices increase, with the North East and South West of England leading the way at 3.1% and 2.5% price growth respectively.

There was also growth in East Anglia, the North West of England, Northern Ireland, the South East of England and Yorkshire & Humber.  Elsewhere, prices failed to increase in Greater London and the West Midlands, and fell in Wales, the East Midlands and Scotland.

In terms of new tenancies, prices increased in several regions, with Northern Ireland rising by 7.2%, the North East of England by 6.2%, the South West of England by 4.5%, and East Anglia by 3.7%. In contrast, rents agreed on new tenancies in London fell by 2.5% in February. 

      Region

    February

    January

 Monthly change

3 months to Feb

3 months to Jan 

 Monthly change 

     North East

       £550

     £518

      6.2%

      £533

      £517

       3.1%

    South West

       £867

     £830

     4.5%

      £832

      £811

       2.5%

    East Anglia

       £790

     £762

     3.7%

      £760

      £746

       1.9%

    North West

       £664

     £650

     2.2%

      £657

      £644

       1.9%

     N. Ireland

       £596

     £556

     7.2%

      £571

      £562

       1.6%

     South East

       £897

     £873

     2.7%

      £881

      £870

       1.3%

     Yorkshire 

       £621

     £613

    1.3%

      £613

      £605

       1.3%

   West Midlands

       £649

     £635

    2.2%

      £642

      £642

       0.0%

  Greater London

      £1,390

    £1,425

    -2.5%

      £1,412

     £1,413

       0.0%

        Wales

       £571

     £586

    -2.6%

      £576

      £581

      -0.8%

    East Midlands

      £595

     £617

    -3.6%

      £598

      £606

      -1.5%

      Scotland

      £596

     £651

    -8.4%

      £625

      £638

      -2.1%

 

 

 

 

 

 

 

    UK average

      £899

      £889

      1.1%

        £889

      £878

      1.2%

   Excluding        London

      £724

      £707

      2.5%

        £710

      £702

       1.1%

 

Based on new tenancies in Feb 2015

Based on new tenancies in Jan 2015

 

Monthly growth Jan 2015-Feb 2015

 

Based on new tenancies in Dec 2014, Jan 2015 and Feb 2015

Based on new tenancies in Nov 2014, Dec 2014 and Jan 2015 

Comparison of average rent prices in 3 months to end Feb 2015 3 months to end Jan 2015 

 

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