Average rents in UK up 2.3% year on year, led by South West

The average rent in the UK increased by 2.3% in the year to July 2019 to £959, with growth covering all regions, the latest lettings index shows.

When London is excluded, the average rent in the UK is now £794, up 2.2% on last year and the growth is in line with inflation, according to the data from the tenant referencing firm HomeLet.

A breakdown of the figures shows that average rents in London are now £1,665, up by 3.1% on last year and the region with the largest year on year increase is the South West, up 4.5% to £855.

Rents increased by 4.3% in Scotland and in Wales, to £679 and £637 respectively, and also increased in Northern Ireland, up by 2.8% to £671, while in the East Midlands they rose by 2.4% to £646 and in the North West by 2% to £726.

In the East of England rents increased year on year by 1.8% to an average of £925, in the West Midlands they rose by 1.1% to £709, in the South East by 1.2% to £1,053, in Yorkshire and the Humber by 0.9% to £641 and in the North East by 0.8% to £529.

The trends reported within the HomeLet rental index are new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market.