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Northern Ireland and South West see strongest rent rise: HomeLet

Northern Ireland and the South West saw the strongest annual rental growth of all UK regions, new figures from HomeLet show.

In Northern Ireland average rents increased by 4.7 per cent to £671 a month in June compared to a year earlier, while in the South West they rose by 4.5 per cent to £842, according to data from the tenant referencing firm.

In Wales rents were up by 3.6 per cent to £625, while in Scotland they rose by 2.9 per cent to £671.

The South East, North West and East Midlands all saw increases of around 2 per cent to £1,035, £711 and £635 respectively.

The regions with the lowest annual rental growth at just 0.2 per cent were the East of England and the North East where rents rose to £917 and £530 respectively.

Growth in Greater London was not much stronger, with rents up by 0.9 per cent to £1,611, while in the West Midlands rents increased by the same percentage to £695.

Yorkshire and Humberside saw a similarly lacklustre increase of 0.8 per cent to £634.

Across the UK as a whole the average increase was 1.8 per cent over the year to £941, with all 12 regions reporting a rise.

London remains the region in which rent to income is highest at 35.1 per cent, compared to an average of 30.5 per cent across the UK and just 23.4 per cent in the North East.

HomeLet chief executive Martin Totty says: “Since the beginning of the year we have observed a gradual decline in the year-on-year variations in London rents, which reflects what is also being observed in the London housing market thus far in 2019.

“What is most striking about the latest data is the consistency of rental prices we are seeing across the whole UK, with all regions recording a continued year-on-year increase.

“This is a continuation of the theme we’ve been seeing since mid-2017 as rents have continued to edge up.”

Totty says the data also shows a reduction in the average duration of a tenancy from 32.1 to 30.7 months.

He adds: “While this isn’t a significant reduction, the drop does coincide with the introduction of the Tenants Fee Act in England and could be a very early indication of more mobility amongst tenants.

“It will be interesting to observe what prices do throughout the whole country in the coming months.”

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