Average rent in the UK rose by 1.2% in February 2018 compared to the same month a year ago; the average monthly rent now stands at £906 a month whilst rents in London have increased by 1.1% in February this year compared to February 2017; the average monthly rent in the capital now stands at £1,537 a month. According to the Homelet Rental Index but what does that mean for the average rent in Leicester?
When London is excluded, the average UK rental value was £758 in February 2018, this is up 1.6% on last year. HomeLet’s February Rental Index reveals that rents rose in 10 of the 12 UK regions covered in the research.
The index, which provides a unique insight into the UK private rented sector and is Britain’s most comprehensive rental market benchmark. The index shows that the average rent in Leicester has risen by 3.3% since February 2017 with Leicester average rent costing tenants £699 per month! This is a sharp increase of 1.7% more than the rest of the UK (excluding London) though this doesn’t make much difference as the average UK rent (outside of London) is £758 per calendar month. Whilst rents are rising in Leicester rapidly, the rest of the UK is seeing the rates in which rent is increasing judder to a halt, as predicted in January by Harry Albert Lettings & Estates.
The increases in rent coincide with Leicester’s wage increases where male tenants in Leicester’s annual earnings on average are £37’590 which is £10’254 more than female tenants renting in Leicester who earns of £27’336 per year on average in comparison.Compared other tenants living in the East Midlands, both genders earn more than £9’000 more than the same-sex tenants living elsewhere in the East Midlands. All tenants within the East Midlands (including Leicester) spend, on average, 28% of their income per year on rent.
The index also reveals that flats are the most common type of accommodation in the UK, which isn’t surprising given the rising population, higher demand for somewhere to live and rapidly falling supply of housing; whilst in Leicester, the most common type of property is semi-detached.
The HomeLet Rental Index is prepared from information that they consider is collated with careful attention, but they (or we) do not make any statement as to its accuracy or completeness. They reserve the right to vary their methodology and to edit or discontinue the report (found here).