UK rents rise by 1.1% year-on-year to June

The average price of a new let in the UK increased by 1.1% year-on-year to June, according to the most recent figures released by Countrywide.

This has taken the average rent of a new let in Britain to £950pcm.

Falls

Countrywide’s research shows that London was the only region to see rents slide year-on-year – falling by 0.8%. On the other hand, the South West saw the strongest rental growth of 4.6%, which was the largest annual rise of any region covered by the research since November 2015.

By region, the average year-on-year rental figures for new lets in June were:

• Greater London: Average rent £1,673 – down 0.8%
• East of England: £931 – up 2.8%
• South East England: £1,022 – up 1.1%
• South West England: £786 – up 4.6%
• Midlands: £665 – up 2.3%
• North: £628 – up 2.3%
• Scotland: £632 – up 1.4%
• Wales: £645 – up 0.1%

London Drop

Johnny Morris, Countrywide’s head of research, observed: ‘Falls in London were off-set by higher growth across the rest of the country. The fall in the capital was driven by lower rents in the outer areas of London as the ripple effect from falling rents in Central London continues.’[1]

[1] https://www.lettingagenttoday.co.uk/breaking-news/2017/7/modest-1-1-rise-in-average-rents-in-past-year-says-countrywide