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September 4

2018
by mydeposits
Big cities lead the way for buy to let rent rises

Buy to let rent rises are visible in big cities. Buy to let rents in England were up 1.8% to an average £833 a month in the 12 months to the end of June – but posted the lowest increase across the UK.

Hikes in London and the West Midlands led the way for buy to let rent rises. In the capital, tenants are paying an average £1,596 a month – up 0.6% in a month and 4.7% for the year. The West Midlands, home of England’s ‘second city’, Birmingham, (the UK’s most populous city outside of London), saw rents grow by 1.6% in a month and 4.1% in 12 months.

However, only Yorkshire & Humberside (2.3%) reported a gain of more than 2% for the year. The North East was the only region in England to post a decrease in rents – down -0.8% in the month from £533 in May to £529 in June.

The study asked landlords about their intentions to raise rents. Just under a third confirmed they had no plans to raise rents, but 18% planned an increase within six months, another 18% within 12 months and 15% sometime next year. Homelet’s rental index analyses data from landlords and letting agents using the firm’s tenant referencing service.

 

Buy to let rents – England May June 2017- June 2018

Region Jun-18 May-18 Monthly change Jun-17 Annual change
North West £697 £692 0.7% £688 1.3%
North East £529 £533 -0.8% £525 0.8%
Yorkshire & Humberside £629 £628 0.2% £615 2.3%
West Midlands £689 £678 1.6% £662 4.1%
East Midlands £622 £617 0.8% £614 1.3%
East of England £915 £911 0.4% £906 1.0%
London £1,596 £1,586 0.6% £1,524 4.7%
South East £1,015 £1,008 0.7% £1,015 0.0%
South West £806 £805 0.1% £800 0.8%
England £833 £829 0.5% £817 1.8%
Scotland £652 £650 0.3% £636 2.5%
Wales £603 £604 -0.2% £608 4.1%
Northern Ireland £641 £634 1.1% £610 5.1%
UK £924 £919 0.5% £908 1.8%

Source: Homelet

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