Buy to Let Rents Rise 1.5% in a Year (November 2018)

Private tenants were paying an average of 1.5% more in rent than a year ago, according to November 2018 data.

The average UK rent is £918 monthly, says buy-to-let tracker Homelet. But a more detailed breakdown shows rents fell year by year in the North East (-3.0%), Wales (-1.8%) and Yorkshire & Humberside (-0.2%).

The highest annual increase was in London, where rents were up 4.4% to an average of £1,597 monthly.

When London rent data is stripped out of the UK figures, average rents outside the capital rose by 0.9% to an average of £760 monthly.

Buy-to-let rents in London are 110% of the UK average. In the capital, the highest rent rises were in Haringey and Islington, where tenants are paying 15.3% more year-on-year with an average rent of £1,730 a month.

Several boroughs saw rents drop - Ealing (-3.5%), Barking, Dagenham and Havering (-3.4%) and Barnet and Bexley ( both -2.3%)

Renting a buy-to-let home was more expensive for tenants and increased during the year to 30.8% of household earnings - up 2.6% from 12 months ago.

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UK buy-to-let rents by region - November 2018

Region	Average rent Nov 2018	Average rent Oct 2018	Monthly variance	Average rent Nov 2017	Annual variance
East Midlands	£625	£628	-0.5%	£615	1.6%
East of England	£898	£908	-1.1%	£894	0.4%
Greater London	£1,597	£1,619	-1.4%	£1,530	4.4%
North East	£517	£515	0.4%	£533	-3.0%
North West	£694	£697	-0.4%	£685	1.3%
Northern Ireland	£639	£653	-2.1%	£621	2.9%
Scotland	£635	£647	-1.9%	£620	2.4%
South East	£989	£1,010	-2.1%	£976	1.3%
South West	£819	£811	1.0%	£802	2.1%
Wales	£599	£614	-2.4%	£610	-1.8%
West Midlands	£688	£693	-0.7%	£675	1.9%
Yorkshire & Humberside	£623	£631	-1.3%	£624	-0.2%

UK	£918	£928	-1.1%	£904	1.5%

Source: Homelet