Average rent hits new record high
The average residential rent has reached a high of £768 in England and Wales.
Rents in England and Wales have increased to an all-time high despite a slower annual rise to September.
According to the latest Buy-to-Let index from LSL Property Services, the average rent is now £768 a month, £10 higher than in September 2013.
Annual growth has slowed significantly since August however, rising just 1.5% over the 12 months to September compared to 2.4% in the 12 months to August.
Regional Breakdown
Rents in five out of 10 regions are higher than they were a year ago. The increasingly desirable East of England has shown the greatest annual increase at 3.1%. The South West has also had a steep hike at 2.3%.
By contrast, rent in the West Midlands is now 2.4% lower than last year.
|
Region |
Average rent in September |
One month change |
Annual change |
|
London |
£1,166 |
0.5% |
2.2% |
|
South East |
£802 |
1.8% |
1.9% |
|
East of England |
£762 |
0.8% |
3.1% |
|
South West |
£655 |
0.6% |
2.3% |
|
North West |
£609 |
1.4% |
2.0% |
|
Wales |
£567 |
1.1% |
-1.1% |
|
East Midlands |
£565 |
0.4% |
0% |
|
West Midlands |
£563 |
0.5% |
-2.4% |
|
Yorkshire and The Humber |
£545 |
0% |
-0.3% |
|
North East |
£521 |
1.2% |
-2.3% |
|
England and Wales |
£768 |
0.8% |
1.5% |
Cooling down
For the most part, rents should already have reached their seasonal peak according to LSL Property Services. What's more, landlords expect that rent rises will be slow for at least a year. The latest LSL survey shows a predicted average rise of just over 1.8% over the next 12 months, which is below the target rate of inflation.
Compare mortgages with lovemoney.com
More on housing:
Buying a home: the £10,000-a-minute decision
Comments
Be the first to comment
Do you want to comment on this article? You need to be signed in for this feature