Buy to Let Rents Rise by 2.1% in a Year

According to a study, rents across the country rose by 2.1% in October 2018 compared to the year before. 

Tenants are paying an average rent of £928 a month. 

Rents in London are much higher - averaging £1,619 a month after going up 4% year-on-year, says the research from leading tenant referencing firm Homelet.

 When rent figures for the capital are stripped out of the statistics, average UK rents fall to £768 a month and show a rise of 1.7% for the year. 

The report highlights that rents in London are nearly 75% higher than the country's average. Within Greater London, the range of rent rises and falls varies widely. 

In Camden and The City, rents are up 19.4% year-on-year, while Redbridge and Waltham Forest tenants have seen them fall by 3.9%. 

Outside London, rents were up in every region except the North East, where they slipped 2.5% in the year to October. 

Average rents were £528 a year ago but have fallen to £515. 

Rents have increased the most in Northern Ireland (4.5%) and Scotland (4.2%). The most significant increase in England was in London (4%), followed by the South East (3.4%). 

On average, rents eat 30.6% of household income.

UK rents - October 2018

Source: Homelet