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Tenants paying more as annual rate of rental inflation rises

Reposit NS

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.

Region Average rent in August 2017 Average rent in July 2017 Average rent in August 2016 Monthly variation Annual variation
South West £838 £823 £805 1.8 % 3.9 %
Northern Ireland £634 £625 £610 1.4 % 3.7 %
West Midlands £693 £680 £670 1.9 % 3.3 %
East Midlands £617 £620 £597 -0.5 % 3.2 %
North East £538 £526 £524 2.3 % 2.7 %
East of England £926 £919 £901 0.7 % 2.6 %
North West £703 £698 £685 0.8 % 2.6 %
Greater London £1,609 £1,564 £1,569 2.9 % 2.5 %
Scotland £629 £630 £616 -0.1 % 2.0 %
Wales £626 £613 £615 2.1 % 1.8 %
Yorkshire & Humberside £630 £625 £621 0.8 % 1.5 %
South East £1,028 £1,025 £1,030 0.3 % -0.2 %
UK £939 £925 £916 1.5 % 2.4 %
UK excluding Greater London £776 £769 £759 0.9 % 2.3 %
Notes: Based on new tenancies in August 2017 Based on new tenancies in July 2017 Based on new tenancies in August 2016 Comparison of average rent in August 2017 and July 2017 Comparison of average rent in August 2017 and August 2016
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Source:: Tenants paying more as annual rate of rental inflation rises