HomeLet Rental Index

October 2017 data

  • Average rents across the UK rose by 0.9% in October compared to the same month a year ago; the average monthly rent now stands at £909
  • Rents in London rose 0.6% in October year-on-year, the average monthly rent in the capital now stands at £1,556
  • On an annualised basis, rents rose in 11 out of the 12 regions of the UK covered by the research; however, the average rents secured in October were lower than in September in every region, contributing to a significant slowing in the annual rate of inflation

Read the latest Press Release: October rental price inflation slows


Rental figures from the October 2017 HomeLet Rental Index

The table below provides a regional breakdown of the latest average rental values in the UK. 

Region

Average rent in October 2017

Average rent in September 2017

Average rent in October 2016

Monthly variation

Annual variation

East Midlands

£618

£620

£596

-0.3%

3.6%

Northern Ireland

£625

£636

£604

-1.7%

3.4%

West Midlands

£683

£692

£663

-1.3%

2.9%

North West

£692

£697

£676

-0.7%

2.3%

Yorkshire & Humberside

£628

£630

£615

-0.3%

2.1%

Scotland

£621

£628

£608

-1.1%

2.1%

North East

£528

£529

£518

-0.2%

1.9%

South West

£790

£814

£777

-2.9%

1.6%

Wales

£612

£617

£603

-0.8%

1.5%

Greater London

£1,556

£1,593

£1,547

-2.3%

0.6%

East of England

£901

£914

£899

-1.4%

0.2%

South East

£977

£1,001

£985

-2.4%

-0.8%

UK

£909

£927

£901

-1.9%

0.9%

UK excluding Greater London

£755

£766

£744

-1.4%

1.5%

Notes:

 

Based on new tenancies in October 2017

Based on new tenancies in September 2017

Based on new tenancies in October 2016

Comparison of average rent in October 2017 and September 2017

Comparison of average rent in October 2017 and October 2016


Tenant market survey 2017

We recently surveyed tenants for their views on the private rented sector to better understand their experiences. The survey, conducted in January, received 20,388 responses. Tenants were asked for their views on the UK’s rental market, their experiences with their landlord/letting agent and their preferences when renting property. This included whether they plan to intend to rent in the future.

How long do you intend to continue renting?

How long intend to rent image

View the full survey results 


Landlord market survey 2017

Our recent survey of UK landlords received 3,726 responses and provides a detailed insight on landlords views and experiences of the private rented sector. Landlords were asked for their views on the UK’s rental market, their experiences with their tenants and their expectations for the year ahead. This included any plans they had to increase rents and what the reasons were for any increases.   

Do you plan on increasing the rental amount on any of your rented properties? 

HomeLet Landlord Survey 2017 Rent increases

View the full survey results  


Regional data 

You can use our interactive graphs to view the change in rental values over the past two years for each of the reported regions of the UK. 

Scotland Northern Ireland North East North West Yorkshire & Humberside East Midlands West Midlands Wales East of England London South East South West


Methodology

The HomeLet Rental Index incorporates a methodology redesigned in conjunction with a professor at the London School of Economics. The updated methodology factors in important elements, such as property type and geography, to create mix adjusted averages. This makes Britain’s most comprehensive rental market benchmark even more insightful. The new methodology has been applied retrospectively to our historical rental market data to ensure that the Rental Index can continue to be used to provide analysis of trends in the private rental sector.  


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Enquiries

For information regarding the HomeLet Rental Index please email rentalindex@homelet.co.uk

For media enquiries relating to the HomeLet Rental Index please email mediaenquiries@homelet.co.uk


About HomeLet Rental Index

The index and average prices are produced using HomeLet’s mix adjusted rental index methodology. This helps to track the representative rental values over time, which factor in changes in the mix of property types and locations of rented properties.

Data is gathered from our tenant referencing service, and our rental amounts are based on actual achieved rental prices with accurate tenancy start dates in a reported month, rather than advertised costs. The data used in the HomeLet Rental Index is aggregated to regional, county and city level only. This ensures that all property or individual records remain strictly anonymous.

The HomeLet Rental Index is prepared from information that we consider is collated with careful attention, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue this report. The HomeLet Rental Index may not be used for commercial purposes; we shall not be liable for any decisions made or action taken in reliance upon the published data.