Rent Increase in April

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.