We all now know that rents haven’t really changed ‘on average’ across the UK , but when it comes to regional statistics, there are some variations which suggest any rent changes – up or down – are very localised. Landlords therefore need to keep up to date with what’s happening by liaising with local letting agents and tenants need to know whether they need to rent sooner rather than later to ‘lock in’ their rents.
Below are the latest report headlines of regional variations across the country, and read our Q3 rental report which contrasts and compares ALL the rental changes on a regional basis. In addition, it’s worth reading the
Belvoir Rental Index which gives raw data with no spin on the numbers!
For the full rental summary Read Here
Move with Us
“Asking rents in the North East and Wales outperformed the rest of the country in November by 10.35% and 7.43% respectively when compared to the previous month. In an improving marketplace, the stronger regions such as Greater London, South East and East Anglia tend to improve first and when their rate of growth slows, the slightly less buoyant markets start to improve and close the gap. This month has been no exception to the rule. As Greater London’s growth rate has slowed, Wales and the North East are performing strongly, levelling the playing field.
(Nov 13)”
Belvoir Lettings
“Feedback from the offices suggests that rents continue to level out in the South East, South West, Yorkshire and the West Midlands. However, East Anglia, the East Midlands and North West are still experiencing rental recovery. In London, the average monthly rent for November was £1,413, which almost the same as the year to date average of £1,410 per month and is currently 17% above the 2008 height. (Nov 13)”
Acadata/LSL
“Eight out of ten regions saw rents fall on a monthly basis between October and November, in line with a monthly fall across England and Wales as a whole. The sharpest monthly drop was in the West Midlands, with rents down 2.6% since October. This was followed by a fall of 1.8% in the South East and a 1.3% monthly decrease in the East of England. (Nov 13)”
Homelet
“The North West was home to the largest monthly and annual increases of 4.1% and 6.6% respectively. It now costs an average of £658 per month to rent a home in this region. Greater London saw a second consecutive monthly decrease in rental amounts. After lowering by 1.6%, it now costs an average of £1,263 per month to rent a home in the capital. However, the South West experienced rent increases of 1.1% between October and November, while rents in Wales also rose slightly on a monthly basis, up by 0.2%. (Nov 13)”
Room Rents
SpareRoom
“The regions driving the increase are Northern Ireland and Scotland, where room rents have risen by 27% and 8% respectively, since last year. London and the South East saw more tempered rent rises - 4% in the South East, 3% in Outer London and 25 in Inner London. Rents held steady in Wales and rose by less than 2 percent in the rest of the country. (Nov 13)”
For the full rental summary Read Here
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