According to the HomeLet Rental Index datas, rent prices in Greater London increased by 6.2 percent for the three months to January 2016 compared to the same period in 2015.Average rent in Greater London is now £1,510 per month.
By comparison, rent prices in other regions continue to rise steadily with the South East of England and the East Midlands seeing the highest rent price rises in the three months to January 2016, at 7.2% and 6.8% respectively.
In Greater London the average rent on new tenancies for the three months to January 2016 was £1,510 per month, while the average for the rest of the UK, excluding Greater London, was £740 per month. The Index data shows that while the rate of growth in rent prices in Greater London may have slowed, monthly rents on new tenancies are still more than twice the average for the rest of the UK.
This month’s Index shows eleven out of twelve regions in the UK seeing prices rise in the three months to January 2016, compared to the same period last year, with only the North West of England seeing prices dip by 3.4% from £646 per month to £624 per month.