Average rents in London pick up for the third consecutive quarter and rise by +£34 (+2.46%) from £1,381 to £1,415. This is the largest value increase across all regions, although slightly less compared to last quarter’s increase of +£42 (+3.14%). Inner London registers the sharpest growth (+£40 or +2.75%) compared to outer London (+£32 or +2.50%), but both increases are well above the UK average of +£15 (+1.80%).
Year-on-year, the increase is more pronounced, with a rise of +£90 (+6.79%) from £1,325. Again, this is the largest growth across all regions. The increase rises to +£115 (+8.32%) when looking at Inner London, perhaps signalling demand from renters moving back to city centre locations, reversing the trend seen during the pandemic.
In terms of property types, terraced houses see the largest growth in average rent, from £1,670 to £1,766 (+£96 or +5.75%), whilst flats see the smallest increase (+£31 or +2.24%) after last quarter, when the average rent for flats recorded the sharpest growth across all regions, moving from £1,337 to £1,385 (+£48 or +3.59%). Year-on-year, average rents for flats have increased significantly, from £1,305 to £1,416 (+£111, +8.51%) showing a return in demand during the past 12 months.
Inner London is the least affordable place to live across the UK, with average rents of £1,497, followed by Bath and North East Somerset, with average rents of £1,059.
Average rents stand at £980 in the South East, an increase of +£19 (+1.98%), from £961 since last quarter. This rise is slightly above the UK average and it’s the second largest across the UK, after London.
The South East remains the second most expensive region for average rents, after London.
Flats experienced the greatest growth across all property types, rising by +£23 (+2.72%) from £846 to £869, after a slight decline during Q4 2021.
After seeing the sharpest reduction last quarter (-£122 or -15.12%), Southampton has recorded the largest increment of +£71 (+10.36%) in Q1 2022, followed by Reading with +£47 (+5.23%). As mentioned before, this could be a sign of renters returning to city centre locations, after moving away in the past couple of years.
Interestingly, average rents in the South West have seen a slight drop (-£1 or -0.12%) from £834 to £833, after consistent growth during 2021 and before. Year-on-year there was an increase of +£43 (+5.44%), which is close to the UK average of +£49 (+6.13%).
The biggest growth by property type can be seen amongst detached properties for the second consecutive quarter. This is a +£17 (+1.39%) rise from £1,220 to £1,237. Flats remain static at £739, with no increase on last quarter.
Counties such as Bath and North East Somerset, Bournemouth, Christchurch and Poole, and the City of Bristol all recorded a decline in rents of -£45 (-4.08%), -£5 (-0.53%) and -£3 (-0.31%), respectively.
Average rents have seen both a quarterly and yearly increase in the East. Compared to last quarter, rents have moderately increased by +£11 (+1.25%) on average, from £883 to £894 this quarter.
Year-on-year, this is a +£48 (+5.67%) rise from £846.
While all property types see growth this quarter, flats show the largest increment, rising by +£25 (+3.13%) on average, from £800 to £825, whilst detached properties, which previously recorded the largest increase, have now slowed down and show the smallest rise (+£10 or +0.79%).
Hertfordshire and Southend-on-Sea show a small decline in average rents (-£1 or -0.09% and -£10 or -1.12%, respectively), whilst Cambridgeshire and Luton registered the largest growth (+£49 or +6.06% and +£26 or +3.14%, respectively).
With average rents at £656 in the East Midlands, we have seen a +£16 (+2.50%) rise from £640 last quarter. This is the same growth we recorded during Q4 2021.
Year-on-year the increase is greater, at an average of +£44 (+7.19%) from £612.
All property types show an upward movement in average prices, aligning with the national trend. Semi-detached properties register the greatest growth, rising by +£24 (+3.27%) from £735 to £759.
Not all parts of the region have seen a rise this quarter. In fact, Leicester and Lincolnshire show a decline of -£12 (-2.07%) and -£7 (-1.17%). Derby records the largest growth, with rent going up by +£55 (+10.04%).
After experiencing the largest regional growth during Q4 2021, the West Midlands has now slowed down, with a regional rent increase of +£11 (+1.61%), below UK average of +£15 (+1.80%).
Year on year however, there is a +£49 (+7.57%) rise from £647 to £696.
While all property types in the region recorded a rise in average rents, semi-detached properties see the biggest increase, rising by +£19 (+2.43%), to £800, and flats show the smallest gains, from £621 to £625 (+£4, +0.64%).
All counties recorded some degree of growth, with Warwickshire seeing the sharpest rise (+£29 or +3.80%). The only exception is the County of Herefordshire, where rents declined by -£20 (-2.81%).
After the South West, Yorkshire is the only other region where we see rents declining in Q1 2022. In fact, average rents now stand at £580 in Yorkshire, a decline of -£2 (-0.34%), from £582 since last quarter.
Year on year, we see a rise of +£31 (+5.65%) from £549, which is below the national average of +£49 (+6.13%).
The decline is mainly driven by flats, which see a drop of -£36 (-6.27%) compared to Q4 2021. On the other hand, rents for detached and semi-detached properties both rise by +£18 (+1.92% and +2.61%, respectively).
After showing the biggest rise in rent in Q4, rents in York have now declined by -£31 (-3.79%). The City of Kingston Upon Hull also dropped to £478 (-£7 or -1.44%). The City of Kingston Upon Hull is also the third least expensive county in the UK.
Average rents in the North West have seen an upward trend this quarter, registering a rise of +£11 to £656 (+1.71%). Year-on-year, there is a rise of +£27 (+4.29%) from £629.
As opposed to Q4 2021, the average rent for detached properties has now declined by -£17 (-1.64%) to £1,017, whilst flats show an increase of +£16 (+2.59%), in line with the UK average (+£16, +1.89%) and most regions.
Rents in Greater Manchester picked up the most at +£30 (+4.29%), followed by Cheshire West and Chester (+£28 or +3.92%).
The North East continues to see some growth in average rents, with an increase of +£11 (+1.99%) to £565.
Year-on-year, the region recorded the smallest rise of +£8 (+1.44%) from £557.
The North East is now the region with the lowest rents in the UK (£565), followed by Yorkshire (£580) and Northern Ireland (£581).
After experiencing some growth in previous quarters, the average rental values of terraced properties and semi-detached decline by -£3 (-0.55%) and -£5 (-0.79%) respectively, whilst rents for flats pick up by +£20 (+3.73%), after a drop in Q4 2021. The rise is above the UK average of +£16 (+1.89%).
Within the Region, Middlesbrough shows the largest decline to £514 (-£22 or -4.10%) after experiencing the largest rise in Q4 2021. Stockton-on-Tees, Northumberland, Darlington, and Tyne and Wear also showed a decline.
Hartlepool, in the North East, remains the least expensive county across all the UK for the second quarter in a row.
Average rents in Scotland have seen a +£18 (+2.74%) rise to £675, after declining last quarter.
The region has also recorded growth year on year, increasing by an average of +£26 (+4.01%) from £649.
Interestingly, Scotland is the region recording the largest decline in rents for detached properties (-£45 or -5.04%) from £892 to £847 and for semi-detached (-£36 or -4.85%) from £743 to £707. Moreover, it is also the region with the largest rise in average rents for flats, from £634 to £676 (+£42 or +6.62%).
Glasgow City picked up by +£196 (+34.75%) to £760, after a drop in Q4 2021.
Two of the top five most affordable counties in the UK are also located in Scotland: Dumfries and Galloway, and South Ayrshire.
Wales saw an increase for the second consecutive quarter, with average rents rising by +£11 (+1.72%) from £641 to £652.
The region has also seen a rise of +£42 (+6.89%) compared to Q1 2021, which is in line with the UK average of +£49 (+6.13%).
In terms of property type, detached properties show the largest percentage growth in the region, with average rents growing from £824 to £844 this quarter (+£20, +2.43%) after a sharp decline during Q4 2021.
Most areas have seen an increase in average rents in Wales, with Cardiff showing the largest rise of +£60 (+7.47%).
Northern Ireland has seen the smallest increase in average rents for the second consecutive quarter, from £571 to £581 (+£10, +1.75%).
Year on year, Northern Ireland has also registered the second smallest increment after the North East, rising by +£22 (+3.94%).
Northern Ireland now ranks as the third lowest region for rents in the UK (£581), following the North East (£565) and Yorkshire (£582).