Buy to Let Rents Rise by 2.1% in a Year

According to a study, rents across the country rose by 2.1% in October 2018 compared to the year before. 

Tenants are paying an average rent of £928 a month. 

Rents in London are much higher - averaging £1,619 a month after going up 4% year-on-year, says the research from leading tenant referencing firm Homelet.

 When rent figures for the capital are stripped out of the statistics, average UK rents fall to £768 a month and show a rise of 1.7% for the year. 

The report highlights that rents in London are nearly 75% higher than the country's average. Within Greater London, the range of rent rises and falls varies widely. 

In Camden and The City, rents are up 19.4% year-on-year, while Redbridge and Waltham Forest tenants have seen them fall by 3.9%. 

Outside London, rents were up in every region except the North East, where they slipped 2.5% in the year to October. 

Average rents were £528 a year ago but have fallen to £515. 

Rents have increased the most in Northern Ireland (4.5%) and Scotland (4.2%). The most significant increase in England was in London (4%), followed by the South East (3.4%). 

On average, rents eat 30.6% of household income.

UK rents - October 2018

RegionAve rent Oct 2018Ave rent Oct 2017Annual change
Northern Ireland£653£6254.5%
Scotland£647£6214.2%
Greater London£1,619£1,5564.0%
South East£1,010£9773.4%
South West£811£7902.7%
East Midlands£628£6181.6%
West Midlands£693£6831.5%
East of England£908£9010.8%
North West£697£6920.7%
Yorkshire & Humberside£631£6280.5%
Wales£614£6120.3%
North East£515£528-2.5%
    
UK£928£9092.1%

Source: Homelet

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