London rents hit all-time high
Rents in Greater London have passed the £1,600 per calendar month (pcm) mark for the very first time, the latest HomeLet Rental Index reveals.
Data shows that rents in the capital have increased by an average of 3.3 per cent year-on-year to hit an average of £1,615pcm.
Across the UK, the typical rental price in July stood at £937pcm, up 1.3 per cent on the same time last year.
When London is excluded, the average rent in the UK was £777pcm, which is 1 per cent above the level from the same period last year.
Northern Ireland showed the largest gains with a 4.5 per cent increase in average rental prices, while the South East was the region with the greatest month-on-month rise, with an average hike of 2.6 per cent between June and July 2018.
Rents increased in nine of the 12 areas of the country monitored by the HomeLet Rental Index between June and July 2018, with only Scotland, the North East and the East of England seeing a monthly decline.
Earlier this week data from the Landbay rental index shows the year on year, month on month, including and excluding London rent increases across the UK.