HomeLet Rental Index

What is the average rental value in the UK?

For October 2019 the data shows that the average rental price for a new tenancy in the UK was £953 per calendar month (pcm), which is up by 2.7% on last year.

Latest Rental Index data: October 2019

  • Average rents across the UK rose by 2.7% in October 2019 when compared to the same month a year previously; the average monthly rent is now £953
  • Rents in London increased by 2.8% in October 2019 than in the same month of 2018; the average rent in the capital now stands at £1,665 a month.
  • When London is excluded, the average UK rental value was £788 in October 2019, this is up 2.8% on last year.
  • HomeLet's October Rental Index reveals that rents rose from last year in all 12 of the regions covered in the research.
  • In October, average rental values in London (£1,665) were 74% higher than the UK (£953)
  • When London is excluded the average rent in the UK was £788 in October, average rents in London (£1,665) were 111.3% higher than the rest of the UK

>About our methodology   >Media & data enquiries   >Data table


Latest data shows rents now growing above the rate of inflation

The HomeLet Rental Index shows that the rental growth recorded in October 2019 (2.5%) appears to now be marginally above the rate of inflation, recorded at 1.5% in the Consumer Prices Index (CPI) in October 2019.

The latest data also shows that rents in the North East are growing faster than any other region in the UK, whilst rental growth in London has now decreased by over 1.7% for the past three months. Rental values in the North East, North West, Scotland, Yorkshire & Humberside, Northern Ireland, East of England and South West all rose at a rate faster than the UK average.


Introduction to the HomeLet Rental Index from Martin Totty, CEO


Rental figures from the October 2019 HomeLet Rental Index

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

Rental figures from the October 2019 HomeLet Rental Index

Region
Oct-2019
Sep-2019
Oct-2018
Annual
Variation
South West
£840
£846
£811
3.6%
Scotland
£674 £676 £647
4.2%
Wales
£623
£634
£614
1.5%
Greater London
£1,665
£1,694
£1,619
2.8%
Northern Ireland
£672
£673
£653
2.9%
East Midlands
£642
£653
£628
2.2%
North West
£727
£739
£697
4.3%
East Of England
£924
£927
£908
1.8%
West Midlands
£706
£718
£693
1.9%
South East
£1,020
£1,045
£1,010
1.0%
Yorkshire & Humberside
£653
£657
£631
3.5%
North East
£538
£535
£515
4.5%
UK Average 
£953
£967
£928
2.7%
UK
(excluding Greater
London)
£788
£797
£768
2.6%

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Landlord market survey

Our survey of UK landlords received over 2,900 responses and provides a detailed insight on landlords views and experiences of the private rented sector. Landlords, including customers of our landlords insurance services, were asked for their views on the UK’s rental market and their expectations for the year ahead.    

The next landlords survey will be published in 2019, sign up to receive the latest data.

View the survey results    


Tenant market survey

We 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 


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


HomeLet CEO on rental market growth and key concerns for landlords


Methodology

The HomeLet Rental Index incorporates a methodology designed in conjunction with a professor at the London School of Economics. The 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 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.  

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.

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Media & data enquiries

You can sign up to receive the latest updates from the HomeLet Rental Index. 

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

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