Rents across UK show modest rise in 1st Qtr 2018 according to Homelet

Written by Allen Walkey on - Breaking News -

The latest Homelet Rental Index report for March 2018 reveals that the average rent in the UK is now £912, up by 0.9% on the same time last year, when London is excluded, the average rent in the UK is now £759, this is up by 0.1% on last year. Rental prices across the UK have shown a modest rise in the first quarter of 2018.

Average rents in London were £1,569, up by 1.5% on last year according to Homelet.

The report also reveals that rents in Scotland are showing the highest year-on-year increase at 5.6%.

Commenting on the data, chief executive of HomeLet, Martin Totty, said:

“Rental price inflation was much more stable over the whole of 2017 compared to 2016, when rents rose at an annual rate of more than 4% in the first half of the year, before dropping back in the second half. So far, we are seeing this more stable market continue to prevail in 2018.

“The data also shows the sensitivity of the rental market to factors other than simply location. Last year, we saw rents in the areas surrounding the commuter belt to the south of the capital rise during a spate of rail strikes. The rate of growth has now slowed in this area as the strikes have ended. However, in the first quarter of 2018 rents in the central and eastern regions of London rose, which coincides with Crossrail nearing completion and suggests commutability into London has a real-time impact on the rental market.

“During the first quarter of 2018, house prices across the UK rose by 2.7%, whilst the rental market increases have been nowhere near as significant, rising just 0.3% (from £909 to £912), showing much more stability, which has characterised the rental sector over a long period. As well as this, overall rents have risen much slower over the last year than consumer price inflation, which was 2.5% in February.”

Martin continues:

“This data shows that a year into the three year phasing-in of changes to buy-to-let landlord taxation, rental inflation so far has remained steady rather than increasing as some commentators had predicted.”

Whilst March’s average increase reflects higher rents recorded in 10 of the 12 areas of the country HomeLet monitors – Wales and the North East bucking the trend – the pace of rental price inflation has slowed from 1.2% in February.

Read the latest Homelet Rental Index report in full click here.

 

 

Author: Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

Estate Agent Web Site Design special offer combined with Mailsign Branded emails just £499 for interactive bespoke design.

Full Details of Web design Service 

Share
 

Recent Popular Articles


Telford Homes PLC anticipates record revenue and profit for year to end March 2018


Telford Homes Plc, the London focused residential property developer, today released an  update on trading ahead of its final results for the year ended 31


Cheaper to buy rather than rent


When it comes to deciding whether to rent or buy, figures  favour buying as the best option,  research shows that almost £700 a year in


On average, branches are returning to ZPG at the rate of over 100 per month since February


ZPG, owner of Zoopla and PrimeLocation, reports today it has seen more than 100 branches per month on average return to its platform during the


Rents increased in all the English regions for year to November 2016


Office for National Statistics (ONS) yesterday released Statistical Bulletin: Index of private housing rental prices in Great Britain;: Nov 2016. Their Main finding were: Private


Countrywide issued its trading update for the quarter ended 31 March 2018.


Countrywide PLC  yesterday 25th April 2018 issued its trading update for the quarter ended 31 March 2018. Total Group income for the quarter was lower