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Average rents rose 1.9% in July: Hamptons

The average rental price of a newly let property in Great Britain rose by 1.9 per cent in July to reach £982 per month, according to data collected by Hamptons.

Scotland saw the greatest increase in rental growth, rising by 5.2 per cent. This was followed by the South West at 4.7 per cent.

Meanwhile, average rents in London rose by 1.9 per cent year-on-year to reach £1,714. Hamptons adds that this is 74 per cent higher than the national average.

The Midlands was the only region to record a decline in average rental prices year-on-year, dropping by 2.7 per cent.

Looking at the average time taken to let a home in Great Britain between January and July 2019, it took on average 20 days, the research shows.

This is three days quicker than the first seven months of 2018, which took an average of 23 days.

All regions of Great Britain recorded a fall with London leading the way, declining from 25 days on average to 19 in the same time frame.

This was followed by Yorkshire and Humber which fell by five days, from 24 to 19 on average.

Meanwhile, the East of England and Wales recorded the smallest declines over the same period, both having decreased by two days to 20 and 22 on average, respectively.

Hamptons International head of research Aneisha Beveridge says: “Lower stock levels combined with increasing demand from new applicants has meant that properties have let quicker than ever before.”

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Important information

Investment risks

The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

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