Rent is increasing the most in the South West

Rent in the South West of England has risen by 8.6% year on year.

HomeLet rental index has suggested that rent in the South West now stands at an average of £910 a month.

The East Midlands (7.3%), Wales (6.8%) and the North West (6.2%) also had considerably strong rental price growth.

On the other side of the scale we have London and Northern Ireland which hell by -4.4% and -3.1% respectively.

Chief Executive of HomeLet and Let Alliance has stated that outside of London rental prices are increasing at the highest rate we have ever seen. But rental prices in the capital are falling at the highest rate we have ever seen.

The decline in London’s appeal began at the end of the first national lockdown. As we came out of lockdown many individuals had a new demand for more space due t working from home.

Individuals also had a strong appreciation for outdoor green spaces. As a result properties with gardens, balconies, or closer proximity to public parks grew in popularity.

When you exclude London, the average rent in the UK is £828 per month. This is a 5.6% increase from last year.