Rents up 2% year-on-year
Rents in the UK rose by 2.1% in October compared to the same month a year ago with the average monthly rent now standing at £928 a month, HomeLet’s Rentals Index has found.
When London is excluded, the average UK rental value was £768 in October, up 1.7% on last year. The UK average rental value decreased by 1.6% between September and October 2018, marginally lower than the monthly decrease seen in October 2017 (-1.9%).
Adam Male, director of lettings at Urban.co.uk, said: “While many are resigned to the rental sector due to the inflated cost of homeownership, the continued escalation of rental costs is, in fact, a second facet of the UK housing crisis.
“An increase in rental prices across 11 out of 12 regions highlights the plight of tenants across the UK and the uphill struggle they face just to put a roof over their head.
“Rather than work with the nation’s buy-to-let landlords, who act as the backbone of the UK rentals sector, the government has introduced numerous legislations to ‘level the playing field’ between landlord and tenant.
“The reality of this excessive and consistent campaign against the buy-to-let sector has been a reduction in rental properties, an uplift in rogue landlords and unsuitable living conditions and a spike in costs for UK tenants.”
In October, average rental values in London (£1,619) were 74.5% higher than the UK (£928).
When London is excluded the average rent in the UK was £768 in October, average rents in London (£1,619) were 110.8% higher than the rest of the UK.