According to the HomeLet Rental Index reveals that Brighton, Bristol, Edinburgh and Newcastle recorded the largest rise in rent prices last year amongst the country’s largest towns and cities.
In Brighton and Bristol, average rent prices increased by 18 percent in 2015 compared to 2014 while rents were up by 16 per cent in both Edinburgh and Newcastle.
Meanwhile, the monthly HomeLet Rental Index shows that, on average, rents across the UK, excluding Greater London, were 4.9% higher on new tenancies signed during the final three months of the year than in same period of 2014.
The average monthly rent outside of the capital now stands at £739. The monthly index shows the London market up by 8.0 per cent on the final three months of 2014 to an average of £1,523.
City/Town Average rents;
2015 2014 % rise
Brighton £1,078 £913 18%
Bristol £904 £767 18%
Edinburgh £819 £707 16%
Newcastle £588 £506 16%
Greater London £1,596 £1,435 11%
Liverpool £673 £607 11%
Glasgow £636 £586 9%
Commenting on the report, Martin Totty, Barbon Insurance Group’s Chief Executive Officer, said: “2015 was a year in which rents on new tenancies were up on 2014 in almost every area of the country. While we saw a moderation in the rate at which rents increased during the final months of the year, and even some falls in a number of regions, the sector overall has continued to see strong demand.”
“Beneath the headline figures, HomeLet’s data points to some significant variations in rental market performance in 2014, both from region to region and from town to town. In locations such as Brighton and Bristol, demand for rental property appears to have been particularly strong and rents on new tenancies jumped very markedly. In other areas, we saw slower growth.”