Buy to Let Rents Rise 1.5% in a Year (November 2018)

Private tenants were paying an average of 1.5% more in rent than a year ago, according to November 2018 data. 

The average UK rent is £918 monthly, says buy-to-let tracker Homelet. But a more detailed breakdown shows rents fell year by year in the North East (-3.0%), Wales (-1.8%) and Yorkshire & Humberside (-0.2%). 

The highest annual increase was in London, where rents were up 4.4% to an average of £1,597 monthly. 

When London rent data is stripped out of the UK figures, average rents outside the capital rose by 0.9% to an average of £760 monthly. 

Buy-to-let rents in London are 110% of the UK average. In the capital, the highest rent rises were in Haringey and Islington, where tenants are paying 15.3% more year-on-year with an average rent of £1,730 a month. 

Several boroughs saw rents drop - Ealing (-3.5%), Barking, Dagenham and Havering (-3.4%) and Barnet and Bexley ( both -2.3%) 

Renting a buy-to-let home was more expensive for tenants and increased during the year to 30.8% of household earnings - up 2.6% from 12 months ago. 

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UK buy-to-let rents by region - November 2018

RegionAverage rent Nov 2018Average rent Oct 2018Monthly varianceAverage rent Nov 2017Annual variance
East Midlands£625£628-0.5%£6151.6%
East of England£898£908-1.1%£8940.4%
Greater London£1,597£1,619-1.4%£1,5304.4%
North East£517£5150.4%£533-3.0%
North West£694£697-0.4%£6851.3%
Northern Ireland£639£653-2.1%£6212.9%
Scotland£635£647-1.9%£6202.4%
South East£989£1,010-2.1%£9761.3%
South West£819£8111.0%£8022.1%
Wales£599£614-2.4%£610-1.8%
West Midlands£688£693-0.7%£6751.9%
Yorkshire & Humberside£623£631-1.3%£624-0.2%
      
UK£918£928-1.1%£9041.5%

Source: Homelet

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