Rents increase across the UK in 2019

The Deposit Protection Service reports that there was an increase of 1.4% in rental prices across the UK in 2019, the year that was very much viewed as a year of recovering rental values following the drop in 2018.

Average monthly rent in the UK is now £773 per month, or if you exclude London it’s £672 per month. Unsurprisingly, London continues to be the most expensive region to rent with average monthly rents of £1,345 per month, whilst the cheapest place to rent is the North East at just £518 per month.

Across the UK there was a mixture of change last year, with some area, such as the West Midlands, seeing negative growth compared to 2018 and some seeing more positive growth, like London and the South West.

It’s expected that rents will continue to rise in 2020. So if you are a landlord looking to expand your property portfolio then now might be a really interesting time to purchase. Not only are rents predicted to rise, the increase in rents is not putting renters off as the number of people aged between 35 and 44 who rent their homes has soared three-fold in the past two decades.

Home ownership is so often seen as the end goal and renting as just an interim situation, but this is no longer always the case. Renters, whether they’re younger or older, are actively choosing to stay in rented properties thanks to the options that it provides whilst taking advantage of not being tied down to one property and one area.

If you’re already a landlord or are looking to become one and are looking for advice on your next steps then contact your local branch who will be able to discuss your options with you.

Sources: Dataloft, Deposit Protection Service, Office for National Statistics