Average residential rents reach a new monthly high in London

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The average rent in the UK increased by 1.3% in the 12 months to July while in London alone they were up by 3.3%, surpassing £1,600 a month for the first time, the latest index shows.

UK wide the average rent is now £937 but when London is excluded it is £777, up by 1% on last year, according to the index data from tenant referencing firm HomeLet. At £3,615, the average London rent has set a new record.

The region with the largest year on year increase in rent was Northern Ireland with a 4.5% increase in average rental prices while month on month the biggest increase was 2.6% in the South East.

Whilst nine of the regions identified by the HomeLet Rental Index saw rents rise this month, Scotland, the North East and the East of England saw rents fall from June to July 2018.

Rents were down month on month by 0.3% in Scotland to an average of £651 but are still 3.3% higher than July 2017. In the North East they fell by 0.8% on a monthly basis to £525 and are 0.2% down year on year while in the East of England they fell 0.7% month on month to £909 and are down 1.1% on an annual basis.

Rents in Wales and the South West also fell year on year by 0.3% to £611 and by 0.6% to £818. But in Wales they increased 1.3% month on month and were up by 1.5% month on month in the South West.

The highest rent in London is now £2,307 in the borough of Westminster, followed by £2,213 in Camden and the City, while the lowest rent is £1,078 in Croydon, followed by £1,209 in Barking, Dagenham and Havering.

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Written by: Houseladder