Average rents increase 3.2% year-on-year

Rents in the PRS continued to grow at a modest pace in November, the latest figures from HomeLet show.

The data reveals that the average rent in the UK hit £947 per calendar month (pcm) in November, up 3.2% year-on-year.

When London is excluded, the average rent in the UK is now £784pcm, while the average rent in the capital is now £1,665pcm.

All 12 of the regions monitored by HomeLet showed an increase in rental values between November 2019 and the corresponding month last year.

But all of the regions monitored by HomeLet saw a slight decrease from October 2019, with the exception of Wales and the North East which saw an increase of 1.1% and 0.4% respectively, and the East Midlands which remains unchanged.

The region with the largest year-on-year increase is Wales, showing a 5.2% rise between November 2018 and November 2019.

Region	Nov-19	Nov-18	Annual Variation	Oct-19	Monthly Variation
Wales	£630	£599	5.2%	£623	1.1%
Yorkshire & Humberside	£652	£623	4.7%	£653	-0.2%
Northern Ireland	£667	£639	4.4%	£672	-0.7%
Scotland	£664	£635	4.6%	£674	-1.5%
North East	£540	£517	4.4%	£538	0.4%
North West	£721	£694	3.9%	£727	-0.8%
Greater London	£1,648	£1,597	3.2%	£1,665	-1.0%
East Midlands	£642	£625	2.7%	£642	0.0%
South East	£1,013	£989	2.4%	£1,020	-0.7%
South West	£838	£819	2.3%	£840	-0.2%
East of England	£917	£898	2.1%	£924	-0.8%
West Midlands	£701	£688	1.9%	£706	-0.7%
UK	£947	£918	3.2%	£953	-0.6%
UK excluding Greater London	£784	£760	3.2%	£788	-0.5%

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