Average Rent Falls In May

Landlords and tenants may wish to read the HomeLet Rental Index covering May 2017. It provides some interesting information about rental payments being charged by landlords.

As at May 2017, the average rent charged by landlords in the UK fell by 0.3% when compared with May last year.

In respect of new tenancies, the rent being charged on UK investment properties in May was an average of £901 per month. When compared with May 2016, this figure was 0.3% less and is the first time that a reduction in rental income has been seen since December of 2009.

It is Greater London that has seen the largest percentage drop with a reduction of 3% when compared with May last year. The average rent being charged in that part of the UK was £1,502 per month.

The North East saw a fall in rental income in May of this year with a 2.3% reduction over a period of 12 months to an average of £522 per month.

Scotland saw a drop in rental income in May 2017 when compared with the same month last year. Rental income fell by 1.9% to an average of £622 per month.

The South East saw rental income drop in May 2017 by 1.5% to an average of £998 per month in comparison to May 2016.

Yorkshire and Humberside witnessed a fall in rental income in May of this year of 0.6% to an average of £614 per month when compared with May 2016.

Landlords owning an investment property in East Midlands saw their average rental income go up by 3.3% per annum to £614 per month when compared with May 2016.

The North West saw rental income increase by an average of 2.2% per annum in May 2017 to £679 per month when compared with May 2016.

The South West saw average rental incomes go up by 2.1% to £803 per month when compared with May of last year.

Details of rental incomes in other parts of the UK can be found on the homelet.co.uk website.

Landlords will no doubt find it interesting to see what happens in the coming months with rental payments being charged. In certain parts of the UK it would appear that tenants might be able to negotiate how much they are willing to pay to rent a home.