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The annual rate of rental growth slows

Annual rental price growth slowed between September and October with the cost of the average new let in Great Britain increasing by 0.5% over the last year to hit an average of £958 per calendar month, fresh data shows.

But when excluding London, where rental growth actually dipped back into negative territory, rents increased 1.2% over the last 12 months. 

Rental price growth was once again led by the Midlands and Wales, where rents rose 2.2% and 2.6% respectively over the last year.

Johnny Morris, research director at Countrywide, commented: “Rental growth across Northern England has slowed under pressure from record numbers of new landlords.  But it’s a different story across the Midlands and parts of the South where rents are once again nudging upwards. 

“It looks like the last effects of the investor stamp duty surcharge have finally worked their way through the system.”

Separate figures released last week by HomeLet also revealed that rental price growth in the UK had slowed on an annual basis.

New lets 

 

Average rent Oct 17

Average rent Oct 16

YoY

Greater London

£1,690

 £1,706

-0.9%

South East

£1,020

 £1,012

0.8%

East of England

£929

 £926

0.3%

South West

£791

 £778

1.6%

Midlands

£677

 £663

2.2%

North

£635

 £629

1.0%

Wales

£658

 £642

2.6%

Scotland

£653

 £647

1.0%

Great Britain

£958

 £953

0.5%

Source: Countrywide

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