UK rents have increased by 10% in the last year

Posted 20 April 2015 by Stephen Maunder

Rents across the UK are 10.2% higher than a year ago, according to new findings from the HomeLet Rental Index.

The research shows the average rent on a tenancy signed during the first quarter of 2015 was £902, compared to £819 in the first quarter of 2014. 

Excluding Greater London, average rents across the rest of the UK are 6.7% higher than a year ago - the highest rate of annual growth recorded by the Index since its inception in 2008.

The strongest growth took place in the South West of England, with rents 13.7% higher in Q1 2015 compared to Q1 2014. Outside of Greater London and the South East, the South West of England has the highest rents in the UK, with the average rent now £851 per month.

The figures for the first three months of 2015 have seen steady growth in rent prices, with 10 out of 12 UK regions showing price rises compared to the previous month. 

Regional rental figures
 

Region

Average rent 3 months to March 2015

Average rent 3 months to Feb 2015

Monthly
Variation 

Average rent 3 months to March 2014

Annual Variation

South West

£851

£832

2.3%

£748

13.7%

North West

£671

£657

2.2%

£635

5.6%

N. Ireland

£583

£571

2.1%

£562

3.7%

South East

£893

£881

1.4%

£847

5.5%

East Anglia

£769

£760

1.2%

£726

6.0%

East Midlands

£605

£598

1.2%

£571

5.9%

Greater London

£1,427

£1,413

1.0%

£1,310

8.9%

Scotland

£631

£625

1.0%

£587

7.5%

Wales

£577

£576

0.2%

£582

-0.9%

West Midlands

£643

£642

0.1%

£600

7.1%

Yorks & Humber

£611

£613

-0.3%

£571

7.0%

North East

£520

£533

-2.4%

£501

3.8%

 

 

 

 

 

 

Overall

UK average

 

£902

 

£889

 

1.5%

 

£819

 

10.2%

 

UK ex Greater London

 

£720

£710

1.4%

 

£675

6.7%

Notes: 

source HomeLet

Based on new tenancies in Jan, Feb and March 2015

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

Comparison of average rent in 3 months to end March 2015 and 3 months to end Feb 2015

Based on new tenancies in Jan, Feb and March 2014

Comparison of average rent in 3 months to end March 2015 & 3 months to end March 2014 


Annual variance: Greater London vs rest of the UK
 

cid:image010.png@01D07685.6E26F840


Three month stats: 
 

cid:image011.png@01D07685.6E26F840


March only:
 

cid:image012.png@01D07685.6E26F840

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