If you are a landlord then you may find October 2015’s HomeLet Rental Index of interest as it provides information about various things including how much their new tenants are paying on average per month in rent in different parts of the UK. Below, we highlight some of the statistics.
The majority of the regions in the UK have seen average rental income being charged increase in the 12 months to October 2015. On average, rental income rose by 9.7% across the UK during this period from £909 being charged in October 2014 to £997 being charged in October 2015.
The exceptions were in Northern Ireland that saw a drop of 2.1% to £588 pm, East Anglia with rental income falling by 1.2% to £809 pm and the North West where rentals fell by 4.9% to an average of £635 pm.
The largest percentage increase in the amount of rent being charged on a monthly basis was in Scotland where an increase of 9% was seen from £610 to £665 although this is lower than the average rental for September 2015 of £678 pm. Greater London saw rental income rise by 7.5% from £1,451 pm to £1,560 pm in the last 12 months. East Midlands saw an increase of 5.9% to an average of £628, the South East saw rental income being charged by landlords rise by 4.3% to £944 pm on average, the South West saw rent go up by 4% to £872 pm, the West Midlands by 2% to an average of £669 pm, Yorkshire and Humber by 2% to an average of £621 pm and Wales saw an increase of 1.8% to £614 pm.
The average rental charged by landlords across the UK but excluding Greater London has gone up by 3.5% from £724 per month to £749 per month during the above period. This means that the average rent being charged by landlords renting out properties in Greater London is more than twice what is being charged throughout the rest of the UK.
Another interesting statistic relates to tenants annual income. In the UK this has increased by an average of 1.7% in the above period.
We do hope that landlords find the above information useful. We will provide another update in the coming months.