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Regional rents are finally catching up to those in London, according to the latest Home Let Rental Index. The figures also show that the average rent in the UK is growing at the fastest rate since 2008, which is very encouraging for landlords and those considering buying investment properties.
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UK Rents Rise
In the first quarter of this year, eleven out of twelve regions in the UK showed a rise in the average rent. The average rent in London is now £1,436 whereas in the rest of the UK it is £916, or £730 if you exclude the Greater London area. Rental prices in London were £1,336 a year ago; last month they were £1,436.
London Prices Slow Down
The cost of renting a property in London is now 7.5 per cent higher than it was a year ago. Across the rest of the UK, the cost of renting a home is 7.4 per cent higher, which means property rental growth rates have almost converged – London price rises have slowed down whilst the rest of the country has accelerated.
“For the first time we are seeing rent price growth rates in Greater London converge with those across the rest of the UK. During 2014, London rent price growth far outpaced other regions but in 2015 we are seeing the emergence of a different pattern. What this tells us is that the private rental market is experiencing demand nationwide and that it is not simply a London phenomenon that increasing numbers of people are requiring privately rented property,” says Martin Totty from Barbon Insurance Group.
Good news for landlords!
