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UK rents up 2.5% in a year, says HomeLet

The average cost of renting a property in the UK increased by 2.5% in the 12 months to January, the latest figures shows.

The HomeLet Index, which is based on new lets agreed by landlords and agents using its referencing service, reveals that the average rent in the UK is now £932 per calendar month (pcm).

When London is excluded, growth, in percentage terms, was actually a lower rate of 2% year-on-year, with the average rent in the UK, without the capital, now stood at £775pcm.

Unsurprisingly, average rents in London remain the most expensive in the UK, at an average of £1,588pcm, which is up 3.7% on last year.

But the region with the largest year-on-year increase is the South West, showing a 5.1% increase between January 2018 and January 2019.

Rents in January increased in 11 of the 12 regions monitored by HomeLet, with only the North East seeing a decrease in rental values.

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