London rents dip but other areas flourish

9 July 2020 | General

The typical London rent has dipped by 1.7% to £1,583 per month, research from HomeLet has found.

Other areas have fared better, as the North West saw rents increase by 6.6% between June 2019 and 2020 – totalling £758 per month.

Rents also rose by 3.8% in Yorkshire & Humberside, and by 3.1% in Scotland.

London wasn’t the only region where they fell, as they decreased by 1.8% in Northern Ireland, 1.3% in the South East and 0.9% in the North East.

The average rent in the UK is now £951, up by 1.1% on the same time last year.

Martin Totty, chief executive at HomeLet, said: “June appeared to be an encouraging month for lettings – HomeLet received more applications for tenant reference checks this month than in the same month last year – but it`s perhaps unsurprising to see average rents achieved on tenancies fell slightly compared to May, albeit still ahead over the year.

“Regional variations were again significant this month, with an annual increase in average rents of 6.6% recorded in the North West, compared with a fall of 1.8% in Northern Ireland.

“With the current uncertainty affecting different areas of the country in varying ways, looking at trends by region offers the greatest insight into how these variations will affect both landlords and tenants across the country over the coming months.

“With demand for new tenancies still strong, rents overall may well hold up at the national level, whilst regional variations could continue to fluctuate, reflecting how any potential economic downturn will likely not fall evenly across the UK.

“HomeLet`s tenant reference data – which is also forward looking – is one of the few sources with access to large data sets underpinning robust regional trend data able to track these changes.”

This post has originally been featured in Property Wire.