A look at how the rental market performed during November.
The rental market is always changing with rents either rising or sometimes falling, November was no different with the UK average rent increasing by 1.5%. The average UK rent now stands at £918, which includes London but if you exclude London it stands at around £760 which is up 0.9% on last year.
Depending on the part of the country you are in will depend on how much you have to pay for a property, looking at London the average rent is £1597pcm compared to the average rent in the West Midlands which currently stands at £688pcm. To look at the figures a bit closer a two bed property would generally be around £1921pcm in London whereas a two bed property in the West Midlands averages at around £781pcm which is majorly cheaper compared to what you would be looking at paying for a similar property in London.
Between October and November 2018 a lot of regions saw slight decrease in rents including the West Midlands which saw a £5 drop and the South East which saw a £21 decrease. Two regions did see an increase with the North East seeing a £2 rise and the South West seeing a £8 increase, which works out to a 0.4% and 1% monthly variation. The UK average rental figures have a -1.1% monthly variation but have a 1.5% annual variation, this shows that while monthly prices might be varying slightly the overall average in comparison to last year is still above 1%.
For the last two years most regions within the UK have seen an increase in rents with the West Midlands seeing a £22 increase from November 2016 when average rents were £666pcm, the South West has also seen an increase of £35 from when rents were £784pcm to £819pcm. Only the North East and Wales have seen a decrease in comparison with November 2016, with rents being down £13 and £6 respectively.
Even though the rental market in the UK is ever changing, for the past two years we have seen increases and very little decreases, even when these have appeared it has only been one or two regions that have experienced this. At the moment the market is quite stable with little variance taking place except for the occasional decrease with the vast proportion of areas experiencing increases of around 1% or more year on year.