Monmouthshire leads league of fastest growing UK rents
Monmouthshire in Wales tops the league-table of fastest growing rents in the UK, followed by Nottingham and Conwy, according to data from the Landbay rental index.
The index report also points out that in the last two months rents in London have returned to positive territory and the city has recorded its first annual rental increase in 18 months in June.
UK Rent Prices
- Overall rents increased by 0.84 per cent year on year in the UK and by 0.08 per cent month on month to an average of £1,206.
- Excluding London they increased by 1.18 per cent annually and 0.11 per cent month on month to £765
England Rent Prices
- In England rents increased by 0.81 per cent year on year and by 0.09 per cent month on month to £1,237
- But excluding London the rise was 1.18 per cent and 0.12 per cent respectively to £771.
- While in London rents increased by 0.2 per cent year on year and 0.03 per cent month on month to £1,887.
Wales Rent Prices
- In Wales rents increased by 1.6 per cent year on year and 0.1 per cent month on month to an average of £651
Scotland Rent Prices
- In Scotland they increased by 0.98 per cent year on year and 0.01 per cent month on month to £734 and in Northern Ireland by 1.45 per cent year on year but fell by 0.21 per cent month on month to £573
- A breakdown of the figures shows that, despite a slowdown, there are hot spots throughout the UK for rental growth
- Monmouthshire in Wales leads the growth with rents up 3.22 per cent year on year, followed by Nottingham up 2.87 per cent, Conwy up 2.71 per cent, Stirling in Scotland up 2.68 per cent, Blaenau Gwent up 2.61 per cent, Carmarthenshire up 2.6 per cent, Inverclyde up 2.59 per cent and Edinburgh up 2.58 per cent.
John Goodall, chief executive officer of Landbay, said: “‘Rental growth across the UK is stuttering.
“However, there are signs of a recovering market in London and stronger demand for rental properties.
“On the face of it, landlords have had a tough time in the past two years from increased regulatory pressure to a significant increase in stamp duty costs, yet they have managed to shoulder many of these costs without passing them onto tenants.
However, he added that the just announced interest rate rise could have an impact if landlords raise rents as a result.