Tenants paying more as annual rate of rental inflation rises

New rents rose 2.4% across the UK in August on an annual basis.

It was the highest rate of annual inflation since last November.

The average monthly rent now stands at £939 – although when London is excluded, it is £776.

In London itself rents rose 2.5% on August last year following three successive months of decline. The average monthly rent in the capital is now £1,609.

The figures are from tenancy referencing firm HomeLet. They come as inflation climbs in the UK, with increasing question marks over the affordability of housing both to rent and buy.

RegionAverage rent in August 2017Average rent in July 2017Average rent in August 2016Monthly variationAnnual variation
South West£838£823£8051.8 %3.9 %
Northern Ireland£634£625£6101.4 %3.7 %
West Midlands£693£680£6701.9 %3.3 %
East Midlands£617£620£597-0.5 %3.2 %
North East£538£526£5242.3 %2.7 %
East of England£926£919£9010.7 %2.6 %
North West£703£698£6850.8 %2.6 %
Greater London£1,609£1,564£1,5692.9 %2.5 %
Scotland£629£630£616-0.1 %2.0 %
Wales£626£613£6152.1 %1.8 %
Yorkshire & Humberside£630£625£6210.8 %1.5 %
South East£1,028£1,025£1,0300.3 %-0.2 %
UK£939£925£9161.5 %2.4 %
UK excluding Greater London£776£769£7590.9 %2.3 %
Notes:

 

Based on new tenancies in August 2017Based on new tenancies in July 2017Based on new tenancies in August 2016Comparison of average rent in August 2017 and July 2017Comparison of average rent in August 2017 and August 2016

Written by: Houseladder