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Average Rents Up 2.0% Across the UK in the Year to April

Rents slip by 0.6% between March and April, the first month-on-month decline in 2019

Average monthly cost of renting for tenants was £936 in April

Rental growth in the UK edged down compared with last month’s figures but remained positive, according to the latest index by HomeLet.

In the 12 months to April, average rental values across the UK rose by 2.0%, down from March’s yearly rate of 3.8%.

However, on a monthly basis rents actually slipped by 0.6%, the first decline in rental growth of 2019, bringing the average cost of renting for UK tenants to £936.

In London, average rents grew by 1.8% in the year to April. Excluding the capital, the UK’s rental growth rate was 1.8%.

The southern regions of the UK saw the largest monthly declines, with rents falling by 1.5% in the East and 2.4% in the West between March and April.

According to the index, rents also decreased in both the North East and North West by 1.5% and 1.0% respectively.

Despite this, the South East had the highest annual growth rate at 3.2%, followed closely by the West Midlands at 2.9% and the East Midlands at 2.6%.

Just one region – the North East – had a negative annual rate in the year, with rents declining on an annual basis by 1.1%, whilst average rental growth in London has been consistently slowing since the beginning of 2019.

According to recent research by Your Move, buy-to-let homes in the North East generate the highest rental returns across England & Wales.

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