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Rents across the UK up by 2.4% year on year in January

Private sector rents across the UK rose by 2.4% in January 2018 when compared to the same month in 2017, taking the average monthly rent to £909, the latest index shows.

Rents in London increased by 2.3% year on year to £1,532 a month but when London is excluded, the average UK rental value was £760, up 2.3% on last year.

The data from HomeLet also shows that rents increased by 3.7% in Northern Ireland to £624, by 3.1% in Scotland on an annual basis to £625 but fell by 0.3% in Wales to £603 per month.

Month on month rents increased by 0.2% nationwide and a breakdown of the figures shows they were up 0.5% in London, up 1.8% in Scotland, up by 0.6% in Northern Ireland and down 0.3% in Wales.

Annual rental growth in England was led by the East Midlands with a rise of 6% to £617, followed by 3.4% in the South West to £817, up 2.6% in the West Midlands to £674, up 2.3% in the North East to £537.

Rents increased by 1.5% in Yorkshire and the Humber to £623 and by 1.5% in the East of England to £906, up by 1.2% in the North West to £683, and up 0.6% in the South East to £995.

On a monthly basis rents fell in a number of English regions, down by 1.5% in the North East, down 0.4% in the North West, down 0.2% in the East of England and Yorkshire and the Humber, and down 0.1% in the West Midlands.

The highest rent in London is £2,148 per month in Westminster, up 9.4% year on year, followed by £2,092 in Camden, up 7.4%. The lowest monthly rent is £1,092 in Croydon, followed by 1,223 in Barking.

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