Data supplied via the Landbay Rental Index shows that rents grew by 0.08 per cent across the UK in October, down slightly from the 0.12 per cent figure seen last month.
On an annual basis, this figure stands at 1.03 per cent as compared to 0.97 per cent last month. Excluding London, monthly growth throughout the UK was slightly higher at 0.09 per cent – and 1.25 per cent annually.
This means that the average monthly rent in the UK is now £1,212, or £769 when the capital is excluded from the calculation.
The report also points out that a rise in earnings is outpacing increases in rent in all regions, with median full-time gross weekly earnings throughout the UK on an annual basis up 3.45 per cent versus the 1.03 per cent rise in rents mentioned earlier.
The region with the highest year-on-year change in rent – the East Midlands (2.33 per cent) – has seen average weekly earnings rise by 3.20 per cent across the same time period, and the area with the smallest change, London (0.63 per cent), an earnings rise of the same amount.
People in the WestMidlands have seen the highest wage growth in the country, at 4.23 per cent, and here rents have grown by 1.45 per cent.
Landbay founder and chief executive John Goodall says: “Improved affordability is welcome news for renters. For tenants looking to save up for a house, the prospect of having more money in their pocket each month will help them get one step closer to owning their own home. Wage growth is continuing to improve across the UK so the outlook for tenants can only get better.”
“Brokers can use this data to help clients to look for opportunities across the UK where higher wage growth will boost demand for properties.”