Rents rise over 7.0% across whole country

HomeLet says the average rent across the UK is now rising roughly in line with those in Greater London for the first time since 2008.

It says rents agreed on new tenancies in London over the three months to the end of April were 7.5 per cent high than in the same period a year ago, compared to a 7.4 per cent increase across the rest of the UK. 

Absolute rents paid in London remain huge compared with other parts of the country, however.

After a year of rents in London rising at over twice the rate of the UK average, growth rates have now converged, representing a slowdown in the growth of rents in London and an acceleration elsewhere in the UK, HomeLet claims.

The index for the three months to April 2015 demonstrates steady growth in rent prices across the UK, with 11 out of 12 UK regions recording price rises. The figures show that the average rent on a tenancy signed in the UK during the three months to April 2015 was £916, compared to £902 last month and £833 for the same period a year ago.

In Greater London, the average rent now stands at £1,436 for the three months to April 2015, compared to £1,427 last month and £1,336 for the same period a year ago.

The region averages for rents in new tenancies during the three months to April are:

South west: £877

East Anglia: £778

West Midlands: £645

Greater London: £1,436

South east: £916

Scotland: £635

Northern Ireland: £594

Yorkshire & Humberside: £598

North east: £526

North west: £668

East Midlands: £598

Wales: £573