The average cost of renting a home is now risingacross every UK region for the first time in almost two years, according to the latest Landbay Rental Index.
Rents grew by an average of 0.07% in January, marking what is expected to be the start of a year of sustained rental growth for the UK. The average UK rent now stands at a record £1,198 per month, a 0.66% increase on this time last year. While rents in the capital (£1,876) remain around 2.5 times the rest of the UK (£760), this is still £16 a month shy of the £1,893 record set in May 2016.
Much has been made of the sinking rents in London, which have fallen in every month since that record was hit in May 2016, however the capital is no longer exerting such downward pressure on the national average.
Landbay says that rents in London “bounced back”, rising by 0.03% in January. However they are still down by 0.54% compared to a year ago.