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Greater London Sees Slowest Annual Rental Growth in November

HomeLet’s latest rental index shows that rents in Greater London grew by just 1.6% in November, the slowest pace of annual growth witnessed across all UK regions.

HomeLet’s latest rental index shows that rents in Greater London grew by just 1.6% in November, the slowest pace of annual growth witnessed across all UK regions.

November saw the average rent in the UK rise to £898 pcm, a 3.1% year-on-year increase, according to recently released figures by letting agent service provider HomeLet.


The lowest annual growth was seen in Greater London and the East Midlands, where rents only rose by 1.6%.


Year-on-year rental values increased across all regions, with Northern Ireland, the South East and the North West topping the annual growth chart with rises of 4.8%, 4.7% and 4.5% respectively.


November’s monthly reduction in rents – down 0.4% from October – is comparative to the variance seen a year earlier, with rental values in November 2015 also declining by 0.4% from the previous month.


HomeLet’s data also revealed that the average proportion of income spent on rent by tenants across the UK was 27.7% in November, with those renting in Greater London paying the highest proportion of their income in rent – 30.0%.


Earlier this month, the Association of Residential Letting Agents (ARLA) warned that the lettings fee ban announced in last month’s Autumn Statement is likely to trigger further rent increases in 2017.