UK rents on newly let properties increased by 4.5% in the last quarter
New research by Countrywide, the UK's largest lettings agent, shows that average rents for newly let properties increased by 4.5% in the first quarter of 2015 to £894pcm,
Average rents on the up for smaller properties
In th first quarter of 2015, average monthly rent increased for one- and two-bedroom properties when compared to the previous quarter, up 0.8% and 0.4% to £730pcm and £817pcm respectively. Three- and four- plus bedroom properties saw rents remain stable with a 0.1% decrease to £939 and £1,435pcm, respectively.
However, when comparing March 2015 to February 2015, rent increased for three- and four-bedroom properties by 1.6% and 16.4%. Two-bedroom properties see no change in average monthly rent and one-bedroom properties a 1.4% decrease.
Highest rent decreases in the South East & London
The average monthly rent in the first quarter of 2015 decreased in over half of UK regions, with the greatest decrease in the South East of England, down 1.9% on the previous quarter to £1,097pcm. Average rents remain unchanged in the North but increased in Central London, up 3.1% to £2,561pcm. Month on month, rents increased in the majority of regions, with the South East seeing the greatest increase, up 14.8% in March compared to February. Average rent decreased the greatest in Central London, down 4.4%.
Renewed tenancies see slight increases
The average UK rent for renewed tenancies in March is £848pcm, an increase of 0.8% month-on-month and 2.3% year-on-year.
Increases and decreases in average monthly rent for renewed tenancies remained relatively unchanged in March when compared to February, apart from one-bedroom properties, which saw a 4.3% increase.
The only region to see a decrease in rents in March is Central London, down 2.3% on February to £2,485pcm. All other regions saw no change or an increase in rents, with Wales seeing the greatest increase, up 13% to £654pcm.
Overall average rent stands at £840 per month
The average rent for all occupied rental properties is £840pcm, an increase of 0.2% month-on-month and 2.4% year-on-year.
As per renewed tenancies, rents for occupied rental properties see marginal changes in rents month on month, with one, two and three bedroom properties seeing an increase of 0.7% 0.3% and 0.2% to £693pcm, £773pcm and £879pcm respectively. Four plus bedroom properties see a small decrease of just 0.1% to £1,325pcm.
There are marginal changes in rents per region in March too, with the South West, South East and the Midlands seeing now change, The North, East of England, Scotland and Wales seeing a 0.2% increase, Greater London seeing a 0.4% increase and Central London a 1.4% increase.
Changes in average monthly rent by region
Changes in average rent by newly let, occupied and renewed properties