Rents on new tenancies continued to climb, but the average pace of growth fell across all regions of the UK in October, Homelet data reveals.
The tenant referencing provider said rents on new tenancies increased by 0.9% last month to £909 on average.
The figures reverse two consecutive months of increasing growth for rents. The rate of growth was slower than in August and September when rents grew 1.8% and 2.5% on a monthly basis respectively.
The largest monthly drop was in the south-west, which saw rents fall 2.9% to £790.
Rents rose on an annual basis in 11 out of 12 regions, with just the south-east recording a decline of 0.8% to £977 a month.
London remains the area with the highest new rents, at £1,556 on average, while the north-east was cheapest at £528 a month.
How does your region fare?
|
Region |
Average rent in October 2017 |
Average rent in September 2017 |
Average rent in October 2016 |
Monthly variation |
Annual variation |
|
East Midlands |
£618 |
£620 |
£596 |
-0.3% |
3.6% |
|
Northern Ireland |
£625 |
£636 |
£604 |
-1.7% |
3.4% |
|
West Midlands |
£683 |
£692 |
£663 |
-1.3% |
2.9% |
|
North West |
£692 |
£697 |
£676 |
-0.7% |
2.3% |
|
Yorkshire & Humberside |
£628 |
£630 |
£615 |
-0.3% |
2.1% |
|
Scotland |
£621 |
£628 |
£608 |
-1.1% |
2.1% |
|
North East |
£528 |
£529 |
£518 |
-0.2% |
1.9% |
|
South West |
£790 |
£814 |
£777 |
-2.9% |
1.6% |
|
Wales |
£612 |
£617 |
£603 |
-0.8% |
1.5% |
|
Greater London |
£1,556 |
£1,593 |
£1,547 |
-2.3% |
0.6% |
|
East of England |
£901 |
£914 |
£899 |
-1.4% |
0.2% |
|
South East |
£977 |
£1,001 |
£985 |
-2.4% |
-0.8% |
|
UK |
£909 |
£927 |
£901 |
-1.9% |
0.9% |
|
UK excluding Greater London |
£755 |
£766 |
£744 |
-1.4% |
1.5% |
|
Notes:
|
Based on new tenancies in October 2017 |
Based on new tenancies in September 2017 |
Based on new tenancies in October 2016 |
Comparison of average rent in October 2017 and September 2017 |
Comparison of average rent in October 2017 and October 2016 |
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