UK rents further increase, with average monthly cost at £985
The HomeLet Rental Index figures for August 2020 have now been released.
The headlines from this month’s report are:
- The average rent in the UK is now £985, up 2.1% on last month, and 1.5% on last year.
- When London is excluded, the average rent in the UK is now £825. This is up 2.1% on last month, and 2.9% on last year.
- Of the 12 regions monitored, 11 showed an increase in rental values between August 2019 and August 2020, with two of those regions seeing an increase of more than 5%.
- The South West shows a yearly increase of 5.5% between August 2019 and August 2020.
- Average rents in London are down YOY, showing a 2.1% fall between August 2019 and August 2020, the fourth decrease in annual variance in subsequent months.
- However, average rental value in London (£1,653) was still 100% higher than the rest of the UK excluding London (£825).
Commenting on this month’s data, Martin Totty, chief executive at HomeLet, said: “London may be experiencing a correction of sorts in supply versus demand and the sharp reversal of price growth from positive 4% pre-Covid to negative 2% now, represents a significant swing.”
Source: Property Investor News