Rents continue the pattern seen since the spring lockdown with another quarter of increases outside of London. The capital is still seeing modest falls in rental levels, while the rest of the country averages rent rises of over 4%.
The average rent in the UK is now £974, down 1.3% on last month, but up 2.2% on last year.
When London is excluded, the average rent in the UK is now £821, this is down 0.8% on last month, but up 4.2% on last year.
Ten of the twelve regions monitored showed an increase in rental values between October 2019 and October 2020, with the South West seeing an increase of more than 6%.
The South West shows a the highest yearly increase of 6.2% between October 2019 and October 2020.
Average rents in London are down YOY, showing a 3.7% fall between October 2019 and October 2020, the fifth decrease in annual variance in subsequent months.
However, average rental values in London (£1,603) was still 95.2% higher than the rest of the UK excluding London (£821).
All content from Homelet - the full report is available here