Rents in the UK rose by an average of 2.1% during September, new data from HomeLet reveals, continuing the trend towards higher rents seen in recent months following a period in which rental price inflation was very low or even negative.
The average rent agreed on a new tenancy signed last month was £927 according to the September HomeLet Rental Index, compared to £908 in the same month of last year.
September’s increase reflects higher rents agreed on tenancies in almost every area of the country, with only the South-East of England recording a negative rate of annual rental price inflation. The highest increases in rents were seen in Northern Ireland, where rental price inflation hit 4.3% in September, followed by the West Midlands (3.9%) and the East Midlands (3.7%).
Rents also rose in London, for the second month running after a four-month period in which annual rental price inflation had slipped into the red. Rents in the capital were 1.9% higher last month than in September 2016, with the average tenancy agreed in London last month costing £1,593.