Rents fall in eight of 12 UK regions in September, HomeLet says
The national average hit a record £1,387 a month, but rents outside Greater London slipped 0.3% over the month to £1,176.
Average rents dropped in eight of the UK's 12 regions in September, according to HomeLet, even though the national average reached a new record.
HomeLet said the UK figure stood at £1,387 per month. That was 0.4% higher than in August and 3.3% higher than twelve months before. With Greater London excluded, the average slipped 0.3% month on month to £1,176. The index tracks rents achieved on newly agreed tenancies, not asking rents.
Northern Ireland had the biggest monthly rise, at 2.2%, taking rents there to £1,009. Greater London went up 1.5% to £2,272. Yorkshire and Humberside and the South West were the only other regions where rents climbed over the month.
On an annual basis, Northern Ireland and the South West both grew by 5.4%, ahead of Scotland on 4.9%. Wales was the one region where rents sat below last year's level, down 0.4% to £920.
Jo Dickens, head of business development at HomeLet, said annual increases in the West Midlands and South East were under 2%. "A slower rise in local rents doesn't necessarily mean applicants are finding properties easier to afford," she said.
According to HomeLet, renters across the UK put an average of 32.1% of their income towards rent. The share was 40% in Northern Ireland and 38% in London, which is still the most expensive market.
