The numbers have been crunched, insights generated, so how does your region stack-up in the latest issue of the DPS Rent Index?
The first drop in average rents for almost 10 years!
Average rent in the UK fell by £9 from £774 in 2017, to £765 in 2018, marking the first calendar year since the Global Financial Crisis in 2008 that there was no increase in average rent in the UK - which is great news for renters. There was however a moderate £1 (0.15%) increase in rent over the last quarter to £762, arresting a pattern of three consecutive quarterly slides.
How does your region stack up against the rest?
Rent inflation continued to vary from region to region this quarter, with six regions experiencing rental growth and six regions experiencing falls in rent.
London continues to have the most expensive average rent in the UK, increasing marginally by only £1 (0.07%) to £1,291 compared to Q3 2018, though this is still £35 (or 2.62%) lower than the same period last year.
The West Midlands is the region to see the largest quarterly increase in rent in the UK, increasing by £19 (3.02%) in the last quarter to £636. This high level of growth is consistent across all property types within the region.
The DPS Managing Director, Julian Foster
"This first drop in average annual rents for almost 10 years is good news for UK renters. Though the last quarter saw a minimal rise in average rents ending three quarters of falls, rent in the UK is still over 1% lower than 2017. Combined with average wage growth of almost 3%, renting is growing more affordable across in the UK, and if the housing market continues to slow down in response to broader economic factors, tenants will continue to see greater renting affordability in 2019."
You can read the full report here.