Market news: Rents continue to rise, whilst prices continue to slow
- The average rent in the UK is now £941 per month, up by 1.8% (£17) versus the same time last year
- The region with the largest year-on-year increase is Northern Ireland, showing a 4.7% (£30) increase on the same time last year
- When London is excluded, the average rent in the UK is now £781 per month, this is up by 1.8% (£14) on last year
- Average rents in London are now £1,611, up by 0.9% (£15) on last year
- All 12 of the regions monitored by HomeLet showed an increase in rental values between June 2018 and June 2019
The latest data from HomeLet shows demand for rental properties remains high – and in examining the data over the last five years, HomeLet has found that the UK as a whole has experienced a 13.9% growth in rental values.
Meanwhile, the recent trend of slowing house-price growth continues with a slow-down in the rate at which property prices are growing in most regions, whilst in London house prices dropped at the highest rate since 2009.
The average UK house price was £229,000 in May 2019. This is £2,000 higher than the same period a year ago. This is an increase of 1.2%, down from 1.5% in April 2019. Over the past three years, there has been a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.
The lowest annual growth was in London, where prices fell by 4.4% over the year to May 2019, down from a fall of 1.7% in April 2019 and the lowest annual rate in London since August 2009 when it was negative 7.0%.
