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UK buy to let property rents are continuing to grow, according to the latest HomeLet Rental Index figures for September.
Average buy to let property rents in the UK hit £967 per calendar month in September, up by 2.5 per cent the same time last year.
When London is excluded from the figures, average UK property rents reached £797 per calendar month, a rise of 2.2 per cent from last year.
All twelve regions monitored by the HomeLet Rental Index showed an increase in property rents in September when compared to the same month in 2018.
The region with the largest year-on-year increase in property rents was the North West, showing a 4.4 per cent rise between September 2018 and September 2019.
In fact, five out of the twelve regions monitored saw a rise in property rents of over 3 per cent. The North West, the East Midlands, the South West, Greater London and the North East.
The West Midlands, Wales, Scotland, and Yorkshire and Humberside all saw property rents rise by 2 per cent or more on an annual basis in September.
The worst performing regions were Northern Ireland at 1.4 per cent, the East of England at 1.3 per cent, and the South East which saw rents rise by just 0.2 per cent since September 2018.
However, when it comes to property prices things do not look so rosy. Nationwide’s House Price Index reported that house prices rose by just 0.2 per cent in September, down from 0.6 per cent in August and marking the 10th month in a row that the annual house price growth was recorded as under 1 per cent.
The trends reported within the HomeLet Rental Index are brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market. HomeLet references over 500,000 tenants every year.