Posts with tag: absolute rents

Average rents in UK align with London

Published On: May 15, 2015 at 3:52 pm

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Categories: Property News

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A study from HomeLet has indicated that rents rises across the whole of the UK are now more or less in line with those in Greater London, for the first time since 2008.

The survey revealed that rents for new tenancies in the capital in the first-quarter of the year were 7.5% higher than one year ago. Average rents across the rest of the UK were found to have increased by 7.4% during the same timeframe.[1]

However, the total absolute rent currently paid in London continues to be considerably more than other areas within Britain.

Slowdown

Following a prolonged period of London rents increasing at more than twice the rate of the rest of the UK, growth rates have now seemingly converged. This is represented by a slowdown in the rise in London rents, with acceleration elsewhere.

Home Lets’ price index indicates that the average rent on a tenancy signed in Britain during the first quarter of 2015 was £916. This was in comparison to £902 during the final quarter of 2014 and £833 to the same period one year ago.[1]

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In Greater London alone, the average rent is now £1,436, compared to £1,427 during the previous quarter and £1,336 at the same time last year.[1]

By region, the average rent for new tenancies in the first three months of the year were:

South west: £877

East Anglia: £778

West Midlands: £645

Greater London: £1,436

South east: £916

Scotland: £635

Northern Ireland: £594

Yorkshire & Humberside: £598

North east: £526

North west: £668

East Midlands: £598

Wales: £573 [1] 

[1] http://www.lettingagenttoday.co.uk/breaking-news/2015/5/rents-rise-over-7-0-across-whole-country