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Tags: Rental Index

Rental price inflation slows, October HomeLet Rental Index reveals

Posted on 2017-11-09

Rents in the UK rose by an average of 0.9% during October, new data from HomeLet reveals, the fourth successive month of increases following a short period of falling rents in the Spring. The average rent agreed on a new tenancy signed in October was £909 according to the October HomeLet Rental Index, compared to £901 in the same month of last year.

However, while October’s average increase reflects higher rents recorded in 11 out of the 12 areas of the country that HomeLet monitors – the South-East was the exception – the pace of rental price inflation has slowed. October’s 0.9% increase follows rises of 2.0% and 2.4% in September and August respectively. Indeed, on a monthly basis, rents on new tenancies in October were lower in every area of the country than in September.

The national picture was reflected in London where annualised rental price inflation was 0.6% in October, down from 1.8% and 2.5% in September and August. The average tenancy agreed in London last month cost £1,556, compared to £1,593 in September. HomeLet’s regional data is available in more detail via an online interactive infographic.

Rental figures from the October 2017 HomeLet Rental Index

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

 

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