UK rents have increased by an average of 13.9% over the past five years, according to HomeLet.
The group said its June rental index showed a continued increase in rental values across all regions of the UK, with the average rent in the UK is now stood at £941 per calendar month (pcm), up 1.8%, or £17, on the same time last year.
Rents in June increased in all 12 regions monitored by HomeLet, led by gains in Northern Ireland, where rents are up 4.7% year-on-year.
When London is excluded, growth, in percentage terms, remains the same at 1.8% year-on-year, with the average rent in the UK, without the capital, hitting £781pcm.
Unsurprisingly, average rents in London remain the most expensive in the UK, at an average of £1,611pcm, which is up 0.9% on last year.
Martin Totty, chief executive of HomeLet, commented: “Since the beginning of the year we have observed a gradual decline in the year-on-year variations in London rents, which reflects what is also being observed in the London housing market thus far in 2019.
“What is most striking about the latest data is the consistency of rental prices we are seeing across the whole UK, with all regions recording a continued year-on-year increase. This is a continuation of the theme we’ve been seeing since mid-2017 as rents have continued to edge up.”
The research also reveals that the average duration of tenancy for rented properties in June was 30.7 months, down from 32.1 for the corresponding month last year.
Totty added: “One point of interest in the data is that the average duration of a tenancy has reduced to 30.7 months, from 32.1 months in the same month last year.
“Whilst this isn’t a significant reduction, the drop does coincide with the introduction of the Tenants Fee Act in England and could be a very early indication of more mobility amongst tenants. It will be interesting to observe what prices do throughout the whole country in the coming months.”
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