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West Midlands Sees Highest Annual Rental Growth in October

The average rent in the West Midlands has seen the largest annual growth, according to new figures.

The average rent in the West Midlands has seen the largest annual growth, according to new figures.

Homelet’s latest rental index shows that, although rents in 2016 to date have seen a slower pace of growth compared to a year earlier, rents across the UK rose annually by 3.0% in October.


The research, which gathers data from Homelet’s tenant referencing service, highlights that 11 out of 12 regions in the UK saw average rental values increase from the same period last year - bringing the UK average rent to £902 per month.


The West Midlands saw the largest annual variation, with rents in the region rising 5.1% from the previous year, followed by the North West, where the average rent grew 4.4% year-on-year to £676 in October.


Wales and the East of England also saw substantially rental growth in the month, with rents in these locations rising annually 3.9% and 3.7% in October, respectively.


On a monthly basis, rental values across most of the UK regions experienced a mild decline, with the average rent across the UK reducing by 0.9% from September.


The slight monthly reduction, however, is said to be comparable to a trend witnessed in previous years; with both the monthly variance in October 2015 and 2014 declining slightly by 0.9% and 0.2%.


The West Midlands has seen extensive growth in recent months, with the majority of Chartered Surveyors in the region also reporting a strong growth in house prices, according to RICS’ latest survey.

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