Average residential rents reach a new monthly high in London

The average private rent in the UK increased by 1.3 per cent in the 12 months to July while in London they were up by 3.3 per cent, surpassing £1,600 a month for the first time.

Nationwide the average rent is now £937 but when London is excluded it is £777, up by one per cent on last year, according to the index data from tenant referencing firm HomeLet.

The region with the largest year on year increase in rent was Northern Ireland with a 4.5 per cent increase in average rental prices, while month on month the biggest increase was 2.6 per cent in the South East.

While nine of the regions identified by the HomeLet Rental Index saw rents rise this month, Scotland, the North East and the East of England saw rents fall from June to July 2018.

Rents were down month on month by 0.3 per cent in Scotland to an average of £651 but are still 3.3 per cent higher than July 2017. In the North East they fell by 0.8 per cent on a monthly basis to £525 and are 0.2 per cent down year on year while in the East of England they fell 0.7 per cent month on month to £909 and are down 1.1 per cent on an annual basis.

Rents in Wales and the South West also fell year on year by 0.3 per cent to £611 and by 0.6 per cent to £818. But in Wales they increased 1.3 per cent month on month and were up by 1.5 per cent month on month in the South West.

The highest rent in London is now £2,307 in Westminster, followed by £2,213 in Camden and the City, while the lowest rent is £1,078 in Croydon, followed by £1,209 in Barking, Dagenham and Havering.

By Patrick Mooney, editor