We track all the main rental indices across each English region to best understand from a tenant's and landlord's perspective what's actually happening in the market.
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The breakdown for the English regions shows:-
In the North East, rental averages can be erratic due to property rents ranging from around £300 to in excess of £2,000 a month. Year on year Homelet, Move with Us and LSL all registered falls of -2.3%, -2.8% and -4.5% respectively, suggesting that rents, overall are down year on year. Looking at Belvoir’s individual offices, rents appear a little more stable.
For the North West, rental figures vary from year on year falls of -2.2% from Move with Us and -1.5% from Belvoir, through to a rise in rents of 2.1% from LSL and 2.9% from Homelet. This suggests rental changes vary from -2% to +2% year on year.
The Belvoir figures for Yorkshire & The Humber show a monthly year on year fall of -4%, however, quarter on quarter, rents were static, with LSL recording static to slight rises of 1.1%, and both Move with Us and Homelet registering a slight increase of 2%, suggesting rents in the area are static.
In the East Midlands, the year on year figures from Belvoir indicate small rental falls of -2.4%, Homelet static rents at 0.2%, and Move with Us and LSL showing small increases of 2.1% and 2.2% respectively. Rents in the region seem to vary from -2.4% to +2.2%.
The data from LSL for the West Midlands would indicate static rents of 0.2%, year on year, however Homelet registered a rise of 4.3% and both Belvoir and Move with Us registered increases of 5.5%. Suggesting overall, rents in the region are on the rise, especially newly let properties.
For the South West region, Belvoir indicate fairly static rents of 0.8% year on year, LSL slight rises of 1.7%, Move with Us a rise of 3.3%, and Homelet an increase of 4.6%.
The LSL data shows fairly static rents of -0.7%, year on year, for East Anglia, with Belvoir indicating a 3% increase, Move with Us an increase of 4.8% and Homelet registering the largest increase in year on year rents of 6.4%. This suggests existing rents aren’t changing that much but newly let properties are seeing higher rents year on year.
Average rents in the South East region vary from rises of 2.8% from LSL, to year on year rises of 3.3%, 4.4% and 7.8% respectively, from Belvoir, Homelet and Move with Us.
The rental indices date for Greater London show significant variations in year on year rental movements, ranging from slight increases in rents of 1.6% recorded by LSL, through to increases of 8%, 9.3% and 11.2% via Move with Us, Belvoir and Homelet. This does suggest newly let properties are on the rise in London, but due to its varied nature of rental properties, this could just be being driven by higher value property rents, especially as the ‘existing’ rents from LSL are only up by just under 2%.
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