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Yorkshire & the Humber Sees Highest Annual Rental Growth in February

Yorkshire & the Humber experienced the greatest annual increase in rents across all of the UK’s regions in February, according to new research.

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Homelet’s February rental index revealed that average rents across the UK have risen further over the month, albeit at a slower pace than the year before.

 

The average rent across the UK saw a 0.8% year-on-year uptick in February 2017, now standing at £895 per month, said the online tenant referencing firm - marking a reduction from the 4.1% annual rental increase recorded in February 2016.

 

On a monthly basis, the average rental value for a UK property rose by 0.7% from January, a rate of increase comparable with February 2016 and higher than February 2015’s 0.5%.

 

Regionally, Yorkshire and the Humber, the North West, Northern Ireland and Wales were the only areas to see rental increases of above 2.0% over the month.

 

Achieving the highest annual rental variance in February, rents in Yorkshire and the Humber rose by 3.0% to an average of £604.

 

The region also experienced a month-on-month increase of 1.3%.

 

The North West and Northern Ireland, on the other hand, both experience annual growth of 2.5%, with average rents in these areas standing at £673 and £589 respectively, in February.

 

Wales saw rental values rise by 2.1% year-on-year, whereas rents in the East and West Midlands grew by 1.8% and 1.5%.

 

Last week, the latest house price index by mortgage lender Nationwide showed that property values in February rose by 4.5% year-on-year.

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