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Average rents are up 1.7% over the past 12 months

The latest HomeLet Rental Index has revealed average rents across the UK rose by 1.7% in September 2018 when compared to the same month a year previously, and the average monthly rent is now £943.

Rents in London increased by 3% in September 2018 compared to a year earlier and the average rent in the capital now stands at £1,640 a month. When London is excluded, the average UK rental value was £780 in September 2018. This is up 1.8% on last year.

HomeLet's September Rental Index reveals that rents rose in 11 out of the 12 regions covered in the research.

Adam Male, director of lettings at Urban.co.uk, said of the latest HomeLet Index: “Rental prices have for the large part, continued their upward trend although this muted rate of growth will at least be welcomed by the nation’s tenants. Brexit aside, the perseverance of the government to relevel the lettings playing field in favour of the tenant is going to exacerbate the current friction point rather than reduce it.

“We’ve already seen a mass migration of landlords leaving the buy-to-let sector and if this continues, a drastic reduction in rental stock will lead to a sharp uplift in rents.”

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