Pace of rent rises slows down, says HomeLet
The average cost of renting a home in the UK increased by a minimal 0.4% during September to £854 per month – 5.6% higher than in September last year.
However, there were only three regions with monthly increases in average rents – Wales (4.1%), Scotland (1.7%) and Greater London (1.6%). In the nine other regions, rents were static or fell month-on-month.
Nevertheless, despite a 1.4% decrease in average rents to £649 per month, the average cost of renting a home in the North-West is still 4.5% more expensive than the same time last year.
When the Greater London figure is removed from the national equation, it now costs an average of £696 per month to rent a home in the UK.
It is now 92.1% more expensive to rent a home in the capital than the rest of the UK (when the Greater London figure is removed). This is the highest difference on record.
All figures are from HomeLet, which has also produced rental maps and regional information.
Article courtesy of Letting Agent Today