HomeLet Rental Index

What is the average rental value in the UK?

For September 2020 the data shows that the average rental price for a new tenancy in the UK was £987 per calendar month (pcm), which is up by 2.1% on last year.

Latest Rental Index data: October 2020

  • The average rent in the UK is now £974, down 1.3% on last month, but up 2.2% on last year.

  • When London is excluded, the average rent in the UK is now £821, this is down 0.8% on last month, but up 4.2% on last year.

  • Ten of the twelve regions monitored showed an increase in rental values between October 2019 and October 2020, with the South West seeing an increase of more than 6%.

  • The South West shows a the highest yearly increase of 6.2% between October 2019 and October 2020.

  • Average rents in London are down YOY, showing a 3.7% fall between October 2019 and October 2020, the fifth decrease in annual variance in subsequent months.

  • However, average rental value in London (£1,603) was still 95.2% higher than the rest of the UK excluding London (£821).

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

Commenting on this month’s data, Martin Totty, chief executive at HomeLet, said:

“There’s something strange – though maybe not that surprising – happening in the rental sector.

“In the key Greater London area, it’s maybe more about demand falling faster than supply leading to depressed rents, whilst in the regions, perhaps the reverse is more typical, with a tightening of stock ‘pinching’ demand and moving average rates gradually upwards. And, against all of this we have the backdrop of a more buoyant sales sector, albeit one with a still uncertain outlook beyond next March.

“For landlords prepared to tough it out, it looks like in most parts of the country, demand is still there, whilst in the capital, equilibrium may seem a little further away.

“At least the government recognise the value of the property sector and the multiplier effect it has on the economy. This time around, that argument now seems unequivocal, with letting agents able to continue ‘business as usual’ while adhering to all COVID safety guidelines. Landlords and tenants need each other and for the private rented sector to fulfil the important role it has in the UK housing market, it really needs to be allowed to get on with creating its own market – and find its equilibrium.”

Rental figures from the October 2020 HomeLet Rental Index

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

Rental figures from the October 2020 HomeLet Rental Index 




Annual Variation


Monthly Variation

South West






East Midlands












North West






East Of England






West Midlands






Yorkshire & Humberside






South East












North East






Northern Ireland






Greater London












UK excluding Greater London






Return to top


Sign up to receive the latest updates

Enter your details below to receive updates on the latest findings from the HomeLet Rental Index, along with data, surveys or studies released by HomeLet.   


Introduction to the HomeLet Rental Index from Martin Totty, CEO



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 2020, 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


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.

Return to top

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

Return to top