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Property rental values continue to grow across the UK according to the latest HomeLet Rental Index for February.
Positive annual growth in rental values was seen in all areas of the UK, and average UK rental values grew by 3.8 per cent when compared to February 2018 to reach a new high of £940 per calendar month.
All 12 of the regions monitored by HomeLet showed an increase in rental values over the past year to February.
When London is excluded, the average rent in the UK is now £782, this is up by 3.2 per cent on February last year.
The South West was again the strongest performer when it comes to rental values, with a rise of 7.7 per cent compared to the same month last year, to reach an average monthly rent of £868.
The South East was in second place, enjoying growth in average rental values of 5.1 per cent, taking the average rent to a new high of £1,046 per calendar month.
Rental values in the capital again grew strongly despite the ‘Brexit effect’, up by 4 per cent on an annual basis to reach £1,599 per calendar month. This represents a figure 104.5 per cent higher than the UK average excluding London of £782, a slight reduction in the rental gap from the 104.9 per cent seen in January.
Across London boroughs the most positive growth in rental values was seen in Wandsworth where rents were up by 10.1 per cent year-on-year. Haringey and Islington followed closely behind with positive growth of 9.6 per cent over the past year, and Ealing enjoyed growth of 9.1 per cent.
Only two of the twenty-one London boroughs covered in the index showed negative annual growth in rental values. Croydon saw rents fall by 3.7 per cent, while Hounslow and Richmond upon Thames recorded a rental drop of 3.2 per cent.