Loading Guild Resources
Loading Guild Resources
Loading Guild Resources
Buy-to-let rents are still soaring upwards - but at less than half the rate a year ago.
Data from tenant-referencing agency Homelet shows that rents have risen by 5.2 per cent since August last year to a UK average of £1,308 a month.
A year ago, the average UK rent increased by 10.3 per cent, but since then, rises have slowed as inflation has dropped to around 2.5 per cent a month.
Outside London, tenants pay an average of £1,113 a month, a month-on-month rise of one per cent but an annual increase of 7.3 per cent. In the capital, the average rent is £2,101 a month, down 0.1 per cent from June and 0.4 per cent cheaper than a year ago.
The cheapest rents are in the North East, where renters are paying an average £702 a month.
Read more about the Homelet Rent Index August 2024
Region | Jul 24 | Jun 24 | Jul 23 | Monthly change | Annual change |
|
|
|
|
|
|
East Midlands | £889 | £892 | £840 | -0.30% | 5.80% |
East of England | £1,284 | £1,267 | £1,169 | 1.30% | 9.80% |
London | £2,101 | £2,103 | £2,109 | -0.10% | -0.40% |
North East | £702 | £689 | £636 | 1.90% | 10.40% |
North West | £1,058 | £1,055 | £976 | 0.30% | 8.40% |
South East | £1,422 | £1,403 | £1,323 | 1.30% | 7.50% |
South West | £1,186 | £1,155 | £1,128 | 2.60% | 5.00% |
Wales | £894 | £875 | £838 | 2.10% | 6.70% |
West Midlands | £1,003 | £993 | £927 | 1.00% | 8.20% |
Yorkshire and Humberside | £880 | £877 | £836 | 0.30% | 5.30% |
|
|
|
|
|
|
UK average | £1,308 | £1,299 | £1,243 | 0.70% | 5.20% |
Average Excl London | £1,113 | £1,102 | £1,037 | 1.00% | 7.30% |
Source: Homelet August 2024
Other rent data from the Office for National Statistics (ONS) shows that average UK rents rose by 8.6 per cent from 12 months to the end of July.
Although the rate of increase is steeper from the ONS data, the average monthly rent payment is just £6 more at £1,319 in England and £748 in Wales.
Rents are rising faster for tenants in London, up 8.6 per cent. The lowest rent increase was 6.1 per cent in the North East.
The ONS rent report is combined with the latest UK house price data.
The ONS reports that house prices rose 2.7 per cent in the year to June 2024. The rise pushed the average UK home price to £288,000.
Values are moving the slowest in London (+0.6 per cent) and the fastest in Yorkshire and Humberside (+4.7 per cent).
Read the entire Office for National Statistics rent and housing report for August 2024
