- Rental market returns to growth with nine out of twelve regions reporting rising rents
- The average rent in the UK is now £889 (£707 excluding Greater London)
New findings from the HomeLet Rental Index have revealed that the rental market has returned to growth in 2015, with the average rent on new tenancies signed in January 2.5 per cent higher than in the previous month. Nine out of twelve regions in the UK have seen prices rise, with only the North East of England, Northern Ireland and the West Midlands seeing a decline in rental prices.
The HomeLet Rental Index figures for January 2015 reveal that after a period of seasonal adjustment towards the end of 2014, which saw rental prices falling in many parts of the country, the rental market has started 2015 with a return to growth. The average rent in the UK is now £889, compared to £867 at the end of 2014, and £799 in January 2014.
The figures show the highest growth occurring in the East Midlands, Scotland and East Anglia with rents rising 6.2 per cent, 5.7 per cent and 5 per cent respectively.
Rental figures from the January 2015 HomeLet Rental Index
HomeLet Rental Index Monthly Regional Variance Figures – January 2014
About the HomeLet Rental Index
As well as information on rental amounts, 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. In addition, data is gathered on how many people share a rented property –to get a real feel for the lifestyle of tenants and see how external factors, such as the lack of mortgages and increase in unemployment, are affecting how and where people live.
Data is gathered from HomeLet’s tenant referencing service, and rental amounts are based on actual achieved rental prices with accurate tenancy start dates in a reported month, rather than advertised costs. Up to 1,700 applicants are referenced every day, so information in the report is extremely comprehensive, accurate and up to date.