Rents in Greater London Continue to Fall

Recently released figures by HomeLet revealed a 0.7% rise in the average rent over the month across the UK – the 11th consecutive month in which rental growth has lagged behind the general rate of inflation of 3.1%.

Nevertheless, regional differences exist in the data, with rents in some parts of the country rising at a faster pace than others.

Tenants in the East Midlands, Northern Ireland, South West of England and the North East all saw their rental costs surge above 3% year-on-year in November.

Rents in Greater London, the East of England and the South-East fell into negative territory over the month, on the other hand, with annual decreases of 0.2%, 0.3% and 1.9%, respectively.

On a monthly basis, rents in November eased across 10 out of 12 regions in the UK, with only the South West and North East seeing rental increases.

Commenting on the research, HomeLet’s Chief Officer, Martin Totty, said:

“So far, this year we have seen very modest rental price inflation; rents are now higher than a year ago in most parts of the country, but there has been no return to the more rapid increases we last saw during the first half of 2016.

“HomeLet’s monthly data continues to support a picture of modest increases in rents over 2017 and, in most instances, a reduction in real terms against the backdrop of underlying higher inflation.”