English regional rental update

publication date: May 30, 2014
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Rental update for the English regions

As with national property prices versus regional ones, rental trends vary for each area, even to postcode level, but not as much as property prices. For example, you might have 10 different prices for a two bed flats vs 4 for rents. In the regional analysis, we include average monthly rents from LSL, Homelet and Belvoir for April 14 vs April 13, compared to the Move with Us average monthly rent for Q1 14 vs Q1 13. Whether you are a landlord or tenant, it's important to carry out research for the local area you are looking to rent or let a property in.

Download Kate's definitive guide to the rental market

The breakdown for regions in
England shows:-

  • The North East rental averages can be erratic due to property rents ranging from around £300 to in excess of £2,000 a month. Year on year Homelet and LSL registered falls of -3.5% and -3.2% respectively, with Move with Us recording fairly static rents at -0.6%. Belvoir’s figures would suggest a rise in property rents, however, this is an anomaly in the figures due to a change in the mix of advertised properties and the variable rents in Newcastle.

  • The North West rental figures vary from year on year falls of -2.1% from Belvoir and -1.9% from Move with Us, through to static rents of 0.6% from Homelet and a rise of 2.3% from LSL.

  • In Yorkshire & The Humber, the Belvoir and Homelet figures indicate year on year falls of -4.4% and -3.4% respectively, with LSL recording little movement and fairly static rents of -0.7% and Move with Us registering a small rise of 1.8%.

  • For the East Midlands, Belvoir’s figures show rental falls of -3.1%, Move with Us showing static rents of 0.6%, with LSL and Homelet showing increases year on year of 3.1% and 3.9%, respectively.

  • The LSL figures for the West Midlands indicate a small fall of -2.1%, year on year, Homelet static rents of 0.7%, with both Belvoir and Move with Us registering year on year increases of 3.5%.

  • In the South West, Belvoir indicate fairly static rents of -0.7% year on year, Move with Us static to a slight rise of 0.9%, and LSL and Homelet show rises of 4.3% and 6.6% respectively.
    The LSL data shows small falls of -2.8%, year on year, for East Anglia, with Belvoir indicating no year on year movement in rents, Homelet registered static rents of 0.7% and Move with Us show a very small rise of 1.8%.

  • Average rents for the South East region vary from static rents of 0.5% from LSL to year on year rises of 2.8%, 3.2% and 4.9% respectively, from Belvoir, Homelet and Move with Us.

  • In Greater London, the rental indices show quite a variation in year on year rental movements from static rents of 0.6% recorded by LSL, through to increases of 3.8%, 4.7% and 9.4% via Move with Us, Belvoir and Homelet.

Download Kate's definitive guide to the rental market

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