Out now! Read the latest findings from The DPS Rent IndexTM
Average monthly rent across the UK is at its highest value since we launched the Index way back in 2017. Now standing at £778, this represents an increase of £7 (0.91%) from the previous quarter. Despite a declining trend throughout 2018, green shoots of recovery are beginning to appear, with most regions in the UK seeing an increase in average rents. Scotland and Wales are the only regions to have seen a decrease by quarter and year on year.
Average UK rents rose but failed to keep pace with inflation
Yes, rents have increased for the second consecutive quarter. However with an overall rise of 0.91% they haven’t kept pace with the rate of inflation which rose by 1.9% in the same period, unlike Q2 2019, where average rents did increase in line with inflation. Year on year, the rise has been a little more significant with average rents increasing 2.21%.
Yorkshire and The Humber sees average rent increase by £19
While the majority of UK regions have seen an increase in average rents, Yorkshire and The Humber saw the largest increase of over £19 from £532 to £552. London continues to top the charts as the most expensive region in the UK in which to rent property, and has seen the largest growth year on year of £43 (3.34%), with average rent now standing at £1,333.
Average rents in four regions saw a decrease over the last quarter, with the East Midlands and West Midlands seeing the only falls in England of -2.17% and -0.19% respectively.
Our Manager Director, Matt Trevett said...
“Two consecutive quarterly increases have seen rents reach the highest value since the Rent Index launched in 2017 following a period of decline during 2018.
However, average rents in the third quarter of 2019 didn’t keep up with inflation, as they did in Q2 2019. This suggests rental values in the UK are regulating themselves against inflation.”