Private Sector Rents up 2.4 per cent in January

Private sector rents saw growth of 2.4 per cent in January 2018 in comparison to the same period the previous year, according to the latest HomeLet rental index.

London saw rents rise by 2.3 per cent year on year, reaching £1,532 per month. The average monthly rent has reached £909, according to HomeLet. However, when London is not considered this drops to £760 per month, up 2.3 per cent year on year.

Rents rose by 3.7 per cent in Northern Ireland, reaching £624. Scotland saw a 3.1 per cent rise, whilst Wales saw a slight decline of 0.3 per cent making rents fall to £603 per month.

On a monthly basis, rents rose 0.2 per cent nationwide. They were up by 0.5 per cent in London and up 1.8 per cent in Scotland. They also rose by 0.6 per cent in Northern Ireland and declined by 0.3 per cent in Wales.

The East Midlands lead annual rental growth in England, with a rise of 6 per cent to £617. This was followed by the South West, which saw a rise of 3.4 per cent to £817. The West Midlands saw growth of 2.6 per cent, taking it to £674, whilst the North East saw a 2.3 per cent rise, boosting rents to £537.

Rents increased by 1.5 per cent in Yorkshire and the Humber, reaching £623. They also rose by 1.5 per cent in the East of England to £906 and were up by 1.2 per cent in the North West to £683. Finally, they were up 0.6 per cent in the South East to £995.

On a monthly basis private sector rents fell across a number of English regions and were down by 1.5 per cent in the North East and 0.4 per cent in the North West. They were also down 0.2 per cent in the East of England and Yorkshire and the Humber, and down 0.1 per cent in the West Midlands.

In the capital, the highest rents were found in Westminster, at an average of £2,148 per month. They were up 9.4 per cent year on year. Camden followed behind, with rents up £2,092, up 7.4 per cent. London’s lowest rents were found in Croydon and Barking, with rents of £1,092 and £1,223 respectively.

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