January sees UK rents rise

Landlord Expert
By Landlord Expert March 5, 2015 18:23

HomeLet data shows rents on new tenancies rise 2.5% during first month of the year

  • Rental market returns to growth with nine out of twelve regions reporting rising rents
  • The average rent in the UK is now £889 (£707 excluding Greater London)

New findings from the HomeLet Rental Index have revealed that the rental market has returned to growth in 2015, with the average rent on new tenancies signed in January 2.5 per cent higher than in the previous month. Nine out of twelve regions in the UK have seen prices rise, with only the North East of England, Northern Ireland and the West Midlands seeing a decline in rental prices. 

The HomeLet Rental Index figures for January 2015 reveal that after a period of seasonal adjustment towards the end of 2014, which saw rental prices falling in many parts of the country, the rental market has started 2015 with a return to growth. The average rent in the UK is now £889, compared to £867 at the end of 2014, and £799 in January 2014.

The figures show the highest growth occurring in the East Midlands, Scotland and East Anglia with rents rising 6.2 per cent, 5.7 per cent and 5 per cent respectively.

Rental figures from the January 2015 HomeLet Rental Index

Region

January 2015

December 2014

Monthly variation

January

2014

Annual variation

East Midlands

£617

£581

6.2%

£572

7.9%

Scotland

£651

£616

5.7%

£595

9.4%

East Anglia

£762

£726

5.0%

£750

1.6%

South West

£830

£802

3.5%

£750

10.2%

Yorkshire & Humber

£613

£594

3.2%

£557

10.1%

Greater London

£1,425

£1,393

2.3%

£1,257

13.4%

Wales

£586

£573

2.3%

£580

1.0%

North West

£650

£645

0.8%

£619

5.0%

South East

£873

£867

0.7%

£838

4.2%

Northern Ireland

£556

£559

-0.5%

£569

-2.3%

West Midlands

£635

£642

-1.1%

£606

4.8%

North East

£518

£532

-2.6%

£505

2.6%

 

 

 

 

 

 

Overall UK average

 

£889

 

£867

 

2.5%

 

£799

 

11.2%

UK excluding Greater London

£707

£694

1.7%

£673

5%

Notes:

source HomeLet

 

Based on new tenancies in Jan 2015

 

Based on new tenancies in Dec 2014

 

Monthly growth Dec 2014-Jan 2015

 

 

Based on new tenancies in Jan 2014

 

Comparison of rent prices Jan 2014 to Jan 2015

 

HomeLet Rental Index Monthly Regional Variance Figures – January 2015

image004 

Landlord Expert
By Landlord Expert March 5, 2015 18:23

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