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Rents rise in October but down since 2008: Hamptons

Hampton International’s monthly letting index reports that over the last decade, rents have fallen in six out of eight regions in England, Scotland and Wales.

Specifically, rental growth over the last decade in the East and in London has been positive (7.5 per cent and 0.5 per cent when adjusted for inflation, respectively), while falls in Scotland, the South East, the South West, Wales, the North and the Midlands have ranged from 0.5 per cent to 7.8 per cent.

On average, rents in the UK since October 2008 have dropped 2.2 per cent.

Matching its performance in the long term, the East has also seen the greatest rise in annual rent prices, at 3.9 per cent, while Scotland houses the lowest-performing rental market, recording more modest growth of 1.1 per cent.

Meanwhile, on a monthly basis, the average rent price in the UK is now £977 a month, a 2 per cent rise from September to October. This is the quickest monthly growth recorded since February 2018.

In London, rents posted overall annual growth of 2.4 per cent, with inner London growing at 2.7 per cent and outer London 1 per cent.

Hamptons head of research Aneisha Beveridge says: “Real rents in Great Britain have been falling for the last 21 consecutive months.  This comes as a result of sluggish rental growth and a post-EU referendum backdrop of rising inflation.

“However, this could be set to change as inflation begins to fade and rental growth starts to pick up pace. Currently the East and London are the only regions where real rents have risen over the last decade.”

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