Belvoir’s Q1 rental index confirms that rents are rising, and for the first time the index has broken down rents by property type, enabling landlords and investors to check average rents in their area.
Belvoir CEO Dorian Gonsalves said: “For the first time we have used data on average rents supplied directly by our franchisees, enabling us to accurately break down average regional rents by property type.
“As predicted, rents are now on the rise, although not at extreme rates. When comparing all Belvoir offices that have been consistently trading for the last ten years in England, Wales and Scotland, the data for Q1 2019 suggested an average rent of £747 per month, representing a year on year increase of just 1% versus Q1 2018.
“The latest reported statistics show monthly rents range from £615 in the North West, £697 in the East Midlands, £735 in Yorkshire, £833 in the South West, through to £1,132 in the South East and £1,432 in London. However, London rents vary dramatically from one borough to the next and can also vary during the year – for reasons such as a large influx of students.”