Rents on the up as housing market growth remains subdued by Brexit

HOMELET’s Rental Index figures for October 2019 have been released.

The headlines from this month’s report are:

• The average rent in the UK is now £953, up by 2.7% on the same time last year
• When London is excluded, the average rent in the UK is now £788, this is up by 2.6% on last year
• Average rents in London are now £1,665, up by 2.8% on last year
• Nationwide’s House Price Index for October reported that annual house price growth remains subdued for another month, at just 0.4%, citing Brexit uncertainty as a factor
• All 12 of the regions monitored by HomeLet showed an increase in rental values between October 2018 and October 2019
• Five of the regions monitored by HomeLet showed an annual increase of over 3% – the North East, North West, Yorkshire and Humberside, the South West and Scotland
• The region with the largest year-on-year increase is the North East, showing a 4.5% increase between October 2018 and October 2019

As the UK’s largest tenant referencing firm, HomeLet references over 500,000 tenants every year. The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.

The trends reported within the HomeLet Rental Index are brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market.

Head to https://homelet.co.uk/homelet-rental-index/ for more information.