Wheres the best place to rent?
Average UK property rental fees grew by 0.05 per cent in October, slowing from 0.09 per cent in September as falling rents in London weighed down rental growth.
According to the latest Landbay Rental Index, the results in London are mixed. Four of London boroughs feature in the bottom ten of ‘rental fallers’ over the past year.
Rental growth rose heavily in places such as Luton with 7.11 per cent. Other places include, Edinburgh City (5.63 per cent) and Northamptonshire (5.59 per cent), with nine of the top 10 ‘rental risers’ situated in England.
The greatest rental falls are seen in Aberdeen with -13.22 per cent and Aberdeenshire with -9.03 per cent. Other places also affected include Inverclyde (-2.39%) and Dundee City (-0.87 per cent).
Overall Scotland has seen rent grow by 1.55 per cent over the past year which makes it the fastest growth out of all the UK home nations.
John Goodall, CEO and co-founder of Landbay said: “Rental growth is slowing across the UK, but the pace of change varies wildly between regions. Falling rents in some of the most expensive parts of the country, especially prime London locations, can distort the picture for the rest of England and the UK where rents are continuing to grow at a steady pace. In the last month alone, rents fell by -0.11 per cent in London, while they continued an upward climb of 0.15 per cent in the rest of England.
The average UK rent currently sits at £1,188 whereas London’s average is reaching £1,889. The rest of the UK is currently £748 per month.
Cities that have seen increases in rent:
1. Luton, East England- 7.11 per cent
2. Edinburgh city, Scotland- 5.63 per cent
3. Northamptonshire, East Midlands- 5.59 per cent
4. Medway, South East- 4.59 per cent
5. Bedfordshire, East England- 4.58 per cent
6. Swindon, South West- 4.57 per cent
7. Thurrock, East England- 4.26 per cent
8. Reading, South East- 4.21 per cent
9. Peterborough, East England- 4.19 per cent
10. Bristol, South West- 4.15 per cent
Cities where rent fell:
1. Aberdeen city, Scotland- -13.22 per cent
2. Aberdeenshire, Scotland- -9.03 per cent
3. Inverclyde, Scotland- -2.39 per cent
4. Westminster, London- -1.86 per cent
5. Kensington & Chelsea, London- -1.81 per cent
6. Redcar & Cleveland, North East- -1.32 per cent
7. Richmond Upon Thames, London- -0.99 per cent
8. Camden, London- -0.93 per cent
9. Dundee city, Scotland- -0.87 per cent
10. Ceredigion, Wales- -0.71 per cent