The average cost of renting a property in the UK increased by 1.5% in the 12 months to November, the latest figures from HomeLet show.
The firm’s index, which is based on new lets agreed by landlords and agents using its referencing service, reveals that the average rent in the UK reached £918 per calendar month (pcm), up 1.5% on November 2017, which is lower than the UK inflation increase of 2.7%.
But some areas of the country are showing more extreme variance, with gains led by London where rents are continuing to increase at a significantly higher rate than both inflation and average wage growth, having seen growth of 4.4% since November 2017.
In contrast, Yorkshire and Humberside has seen the greatest decrease in the last 12 months. Despite a marginal 0.4% rise since October 2018, the region’s annual variance is -3%.
When London is excluded, the average rent in the UK is now £760pcm, up 0.9% on the same period last year.
Within Greater London the monthly outlay for tenants reached an average of £1,597pcm.
The largest year-on-year decline this month was the North East showing a -3% difference between November 2017 and November 2018.