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January 29

2019
by Millie Wickens
Buy to let rents keeping pace with inflation

Buy to let rents are stalling even though annual rises are showing a healthy increase in some areas.

Latest data for UK rents reveals the average tenant is paying £921 a month rent – a 1.5 per cent increase for December compared to a year earlier.

But the month-to-month increase was just 0.3% per cent

The table below shows the story was the same for many regions.

Martin Totty, chief executive at HomeLet, said: “This year we’ve seen stability in UK rental price growth, with increases broadly in line with inflation. For landlords there remains a sustained demand for property, with the private rental sector continuing to provide the market with both flexible and long term housing options.

“Average rental values in the capital rose by over 4 per cent in the latter stages of the year. We would expect this to continue in London, if demand for property outweighs supply.”

UK buy to let rents and affordability

 

Region Rent Variation Rent v income
Dec-18 Nov-18 Dec-17 Monthly Annual Dec-17 Dec-18 Variance
Northern Ireland £632 £639 £620 -1.10% 1.90% 26.4% 27.0% 0.6%
Scotland £623 £635 £614 0.60% 1.70% 24.9% 27.7% 2.8%
Greater London £1,596 £1,597 £1,524 -0.10% 4.70% 31.4% 35.9% 4.5%
West Midlands £689 £689 £675 0.10% 2.10% 27.2% 29.6% 2.4%
North West £698 £694 £686 0.60% 1.70% 26.1% 28.7% 26.0%
East Midlands £629 £625 £611 0.60% 2.90% 27.4% 28.8% 1.4%
Yorkshire & Humberside £624 £623 £624 0.20% 0.00% 24.9% 26.7% 1.8%
South East £998 £989 £989 0.90% 0.90% 29.4% 31.8% 2.4%
North East £520 £517 £545 0.60% -4.60% 22.3% 24.4% 21.0%
Wales £595 £599 £605 -0.70% -1.70% 29.1% 28.7% -0.4%
South West £833 £819 £811 1.70% 2.70% 29.8% 32.5% 2.7%
East Of England £895 £898 £908 -0.30% -1.40% 28.6% 30.7% 2.1%
UK Average  £921 £918 £907 0.30% 1.50% 28.4% 31.1% 2.7%
UK (excluding Greater London) £763 £760 £758 0.40% 0.70% 27.7% 29.7% 2.0%

 

Data: Homelet

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