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Annual rental growth in the UK is slowing

The average rent in the UK increased by 1.6% in the 12 months to May 2019 to £934 but growth is starting to slow across the country, according to the latest report from HomeLet.

When London is excluded, the average rent in the UK is now £776, up by 1.7% on last year, while average rents in London are now £1,602, up by 1% year on year, according to HomeLet.

Of the 12 regions monitored by the index, all except Yorkshire and Humberside and the North East showed an increase in rental values between May 2018 and May 2019.

The biggest annual rise was 4.9% in Northern Ireland, followed by 3.7% in the East Midlands, 2.9% in the South West, 2.2% in the West Midlands, 2.1% in the South East and 1.9% in the North West.

Rents also increased in Wales, up by 1.5%, while there was a rise of 0.5% in Scotland and in the East of England. But rents fell by 0.2% in Yorkshire and Humberside.

In London rents increased year on year the most in Westminster with a rise of 10.7%, followed by Enfield up 6.3%, Wandsworth up 4.4%, Hounslow and Richmond upon Thames up 3.9% and Haringey and Islington up 3.8%.

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