Date Published 17 May 2018
April`s rental prices rose by 1.5% in April in comparison to the same month last year claims a tenant referencing and specialist lettings insurance company from its latest Rental Price Index.
Last month`s average rent for new tenancies was £918 per calendar month.
If London is taken out of the equation, the average UK rental value in April was £761pcm which is 0.9% higher than the corresponding month in 2017.
On a year to year basis, rents were increased across nine out of the 12 regions that were studied, with London achieving the highest gain of 4.5% with a new average monthly rent of £1,588.
Scotland`s rents increased by 3.3%, the West Midlands by 2.7%, East Midlands with 2.5% and Northern Ireland by 2.3%, were the highest gains.
Not far behind was the North West with 2.2%, however Yorkshire & Humberside increased rents by 1%, South West by 0.7% and the East of England by 0.3%.
The biggest fall in monthly rents was across Wales at -2.1% and both the North East and South East of England dropped by -0.4%.
Landlords will always consider the best going rate for the area and how much tenant`s are able to afford when increasing rents. Overall confidence in the sector means that there should be a good leeway to increase rental prices, and will be very important especially when having to contend with the phasing out of the mortgage interest tax relief.