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Private sector rents rise in line with wages

Private rental price increases have accelerated modestly, in line with earnings across the UK, according to a new report from HomeLet.

The average rent in the UK is now £959 per calendar month (pcm), up 2.3% on the corresponding period last year.

When London is excluded, the average rent in the UK is now £794pcm, which is 2.2% on last year.

The rental growth recorded in July 2019 is in line with inflation, recorded at 2% in the Consumer Prices Index (CPI) in June 2019.

The findings from HomeLet will surprise those who have falsely sought to argue that landlords are profiteering.

Average rents in London unsurprisingly remain the most expensive in the UK, at an average of £1,665pcm, up by 3.1% on last year.

The region with the largest year-on-year increase is the South West, showing a 4.5% increase between July 2018 and July 2019

All 12 of the regions monitored by HomeLet showed an increase in rental values between July 2018 and July 2019.

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