UK rents continue to rise in April says HomeLet

Rental prices increased by 1.5% in April compared to the corresponding month a year earlier, according to the latest HomeLet Rental Index.

The average rent agreed on a new tenancy signed in April was £918 per calendar month (pcm).

When London is excluded, the average UK rental value was £761pcm in April, which is up 0.9% on last year.

On an annualised basis, rents rose in nine of the 12 regions monitored, led by gains in London where rents are up 4.5% year-on-year to reach an average of £1,588pcm.  

Scotland saw rents rise 3.3%, while the West Midlands (2.7%), East Midlands (2.5%) and Northern Ireland (2.3%) also saw strong gains.

Elsewhere, the North West (2.2%), Yorkshire & Humberside (1%), South West (0.7%) and East of England (0.3%) also saw growth in rents.

Wales saw the biggest drop in rents at -2.1%, while rents also fell by -0.4% in the North East and South East of England.

While landlords should be mindful of tenants’ ability to pay higher prices, it would appear that rental prices may yet offer room for growth, especially in light of recent tax changes, including the existing phasing out of mortgage interest relief.

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