HomeLet’s February Rental Index has revealed that rents in the UK rose by 3.8% in February compared to the same month a year ago.
The average monthly rent now stands at £940 a month.
Rents in London increased by 4.0% in February this year compared to February 2018; the average monthly rent in the capital now stands at £1,599 a month.
When London is excluded, the average UK rental value was £782 in February 2019, this is up 3.2% on last year.
Rents rose in all 12 of the UK regions covered in the research.
The index and average prices are produced using HomeLet’s mix adjusted rental index methodology. This helps to track the representative rental values over time, which factor in changes in the mix of property types and locations of rented properties.
Data is gathered from its tenant referencing service, and the rental amounts are based on actual achieved rental prices with accurate tenancy start dates in a reported month, rather than advertised costs. The data used in the HomeLet Rental Index is aggregated to regional, county and city level only. This ensures that all property or individual records remain strictly anonymous.