Rents for new tenancies down across the UK in October 2017 month on month
Average rents in the UK increased by 0.9% year on year during October, taking the average monthly rent agreed on new tenancies to £909, according to the latest index data.
It is the fourth successive month of increases following a short period of falling rents in the Spring. October’s 0.9% increase follows rises of 2.0% and 2.4% in September and August respectively
However, the HomeLet index also shows that month on month rents on new tenancies in October fell across the country, indicating a slowdown that stretches nationwide.
And while October’s average increase reflects higher rents recorded in 11 out of the 12 areas of the country on an annual basis, in the South East of England the pace of rental price inflation has also slowed.
The national picture was reflected in London where annually rents increased by just 0.6% in October, down from 1.8% and 2.5% in September and August. The average tenancy agreed in London was £1,556 compared to £1,593 in September.
Year on year rents were down 0.8% in the South East to an average of £977 while the strongest annual growth is in the East Midlands at 3.6% to an average of £618. In Scotland rents increased 2.1% year on year to £621 and in Wales there was a rise of 1.5% to £612.
But month on month rents fell nationwide and the biggest decline was a fall of 2.9% in the South West, followed by a decline of 2.4% in the South East, 2.3% in Greater London and 1.7% in Northern Ireland.