Rents still rising in most areas but rate of growth slows says HomeLet

Rents still rising in most areas but rate of growth slows says HomeLet

Rents across the UK are still rising but the rate of growth continues to slow.

Data from HomeLet shows that rents agreed on new tenancies across the UK - but excluding London - over the three months to the end of July were up by 2.3 per cent, compared to the same period in 2015. 

In the capital, meanwhile, rents were four per cent higher.

Here's the full regional annual data:

- Scotland: annual rents rising by 1.4 per cent;

- Wales: up 2.5 per cent;

- Northern Ireland: up 4.7 per cent;

- South west England: down 2.1 per cent;

- South east England: up 2.0 per cent;

- Greater London: up 4.0 per cent;

- East Anglia: up 9.7 per cent;

- East Midlands: up 5.4 per cent;

- West Midlands; up 3.8 per cent;

- North west England: down 0.5 per cent;

- Yorkshire and Humber: up 4.2 per cent; 

- North east England: down 5.0 per cent.

Homelet says its data suggests landlords have been able to continue securing higher rents on new tenancies despite the economic uncertainties created by the UK's vote to leave the European Union in June.

"We won't know exactly how Brexit is impacting the private rental sector and it will be several months yet until we see some clearly established trends in the marketplace. It seems likely that with lenders concerned about the prospect of falling house prices, loans to value in the mortgage market are going to become less generous, which may see more people turn to the rental sector rather than buying a property," cautions Martin Totty of Barbon Insurance Group, which operates HomeLet. 

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