The data included in the HomeLet Rental Index is gathered from our tenant referencing service. The rental amounts are based on the actual achieved rental prices for new tenancies in the reported month.
As well as information on average rental amounts for new tenancies, the HomeLet Rental Index also provides information on tenant demographics, such as their average age, income, previous residential status and property type they’re applying to live in.
Watch our video for a summary of the latest data
Read our latest press release: London rents exceed £1,500pm for first time
May 2015 headlines...
- Average rental values for new tenancies in the UK were 10.7% higher than the same period last year
- The annual growth in average rental values (10.7%) was higher than 2014 (7.7%) and 2013 (2.7%)
- Average tenant incomes were 2.4% higher than the same period last year
- Average rents for new tenancies in London were 9.2% higher than the same period last year
- Average rental values for new tenancies in London (£1,472pcm) were £124 more expensive per month when compared to average rental values in the same period in 2014 (£1,348pcm)
- When London is excluded, the average UK rental value was £738pcm - this is 7.6% higher than the same period last year (£686pcm)
- Average rental values have increased in all twelve regions in the UK
View the latest reports
Change in UK average rental prices
Monthly change in UK rental prices for new tenancies
The figures also show…
- The average UK rent for tenancies in May 2015 was £960pcm, this is 12.5% higher than May 2014 (£854pcm)
- When London is excluded, the average UK rental value was £751pcm - this is 8.7% higher than May 2014 (£691pcm)
- All regions saw an increase in average rental values in the 3 months to May, compared to last year
- For the first time in 6 months, Wales has seen an increase in average rental values, compared to last year
- Greater London, South East, South West, East Anglia, West Midlands, Yorkshire & Humberside and East Midlands have seen continuing increase in rental values over the last 10 months
Rental values and tenant incomes in the three months to May
Average UK rental amounts over the last three months, with annual comparisons
Annual UK tenant income over the last three months, with annual comparisons
The figures also show…
- In the three months to May, average rental values for new tenancies were 10.7% higher than the same period last year (£935pcm compared to £845pcm)
- The annual growth in average rental values for the three months to May (10.7%) was higher than 2014 (7.7%) and 2013 (2.7%)
- In the three months to May 2015, average tenant incomes were 2.4% higher than 2014
Find out more about the latest HomeLet Rental Index
HomeLet Rental Index provides a comprehensive and up to date data on new tenancies in the UK. As part of the referencing process for around 350,000 prospective tenants each year, HomeLet processes information including the rental amounts agreed, the number of tenants moving into the property together with the employment status, income and age of all tenants. The trends reported within the HomeLet Rental Index are brand new tenancies which were arranged in the most recent period, giving the most relevant insight into changes in the Private Rented Sector. This is in contrast to many other rental indices which are based on all properties which are being managed, which may have had rental amounts agreed as long ago as 2 years.
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The data used in the HomeLet Rental Index is aggregated to local authority, county, city and regional level only. This ensures that all property or individual records remain strictly anonymous.
Regional rental prices
The HomeLet Rental Index includes a regional map which shows the monthly and annual changes in agreed rental amounts for each region of the UK.
> View the regional rental map
Rents in London
Each month the HomeLet Rental Index focuses on Greater London to provide an insight into activity within the Private Rented Sector in the Capital.
> View Greater London headlines
> View rents by area in Greater London
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