Average UK rents have risen just 0.1% in the last 12 months
The average tenant in the UK property market is not paying much more for their home in 2017 than they did at the same time in 2016, according to new data. It shows that over the course of the past 12 months, the average rental property price in the PRS has risen only marginally.
The statistics posted this week by Countrywide as part of its latest rental market index shows that the average price of renting a home in the UK in May 2017 was only 0.1 per cent higher than it was in May last year. This is obviously good news for tenants, who will have managed to secure tenancies without having to pay too much more.
However, it's also not particularly bad news for landlords. While a rise this small would often represent stagnation in the market, the fact owners are seeing any increases at all at a time when the political uncertainty is causing property problems is good news. It shows the inherent strength in the market and suggests a potential for long-term improvements.
The highest rental increases nationwide were experienced in the Midlands, where the average price paid by tenants rose to £701 per calendar month. It means the average cost per month is now up by 4.9 per cent when compared to a year ago.
The East of England and the south-west have also both experienced rising prices in the last few months, with these areas having seen costs rise by 4.6 per cent and 3.2 per cent annually.
However, the story is not the same everywhere. For example, London, once the shining light for all of the rental market, experienced its seventh consecutive month of falling rental prices in May this year, when the cost to tenants dropped to an average of £2,499 in Central London and £1,273 in Greater London per month.
This means that the two areas have now experienced falls of 4.5 per cent and 1.5 per cent respectively over the course of the last year, and shows just how different the rental market can be in different parts of the UK.
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11-June-17General Lettings News