The rate of rental price growth in Britain slowed to 0.05% during the month to October, according to the latest findings from the Landbay Rental Index.
Data from the report indicates that growth has slowed marginally from the 0.09% seen in September.
The top level of rental growth seen over the last twelve months was in Luton, with 7.11%. Edinburgh City and Northamptonshire also saw decent growth, of 5.63% and 5.59% respectively.
Nine of the top ten rental growth regions were found to be in England.
On the other end of the scale, Aberdeen saw the largest falls in rent, with prices down -13.22%. Aberdeenshire too saw a large drop, of -9.03%.
Falls in the last year were also seen in Inverclyde (-2.39%) and Dundee City (-0.87%). In London, it was a mixed market, with four prime boroughs, Westminster, Kensington and Chelsea, Richmond and Camden, amongst the largest fallers.
Scotland has seen rents rise by an average of 1.55% in the last twelve months, the fastest of all the Home Nations.
The figures below indicate how rents have changed by region year-on-year:
|Top 10 Annual % Change (YoY)|
|Bottom 10 Annual % Change (YoY)|
|5||London||Kensington and Chelsea||-1.81%|
|6||North East||Redcar and Cleveland||-1.32%|
|7||London||Richmond upon Thames||-0.99%|
The average rent in the UK is now £1,188. In London, the average is £1,889!
John Goodall, CEO and co-founder of Landbay, said: ‘Rental growth is slowing across the UK, but the pace of change varies wildly between regions. Falling rents in some of the most expensive parts of the country, especially prime London locations, can distort the picture for the rest of England and the UK where rents are continuing to grow at a steady pace. In the last month alone, rents fell by -0.11% in London, while they continued an upward climb of 0.15% in the rest of England.’
‘Any moderation in rental price inflation will always be welcomed by generation rent, the swelling population of aspiring homeowners and long term tenants. As this month’s Autumn Statement comes over the horizon, all eyes will be on how the UK’s chronic housing shortage will be addressed. Unless supply catches up with demand, there’s nothing to suggest overall rents will go in any direction other than up,’ he added.