|Posted on 30 January, 2018 at 7:00|
Average rents across the UK rose by 1.7% in December 2017 when compared to the same month previously; the average monthly rental is now £907.00.
Rents in the South-East of England were 1% lower in December 2017 than in the same month of 2016; rents fell year-on-year in the region every month of 2017.
The East Midlands saw the highest rate of rental price inflation in December, with rents up by 4.6% compared to a year previously.
Rents in the UK rose by an annualised average of 1.7% in December, new data from HomeLet reveals, as the private rental market ended 2017 with rental price inflation moving marginally higher. The average rent agreed on a new tenancy signed in December was £907 according to the December HomeLet Rental Index, compared to £892 in the same month of 2016.
Rental price inflation was much more stable over the course of 2017; by contrast, rents in 2016 regularly rose at an annual rate of more than 4% in the first half of the year, before rental price inflation dropped back in the second half.
Rental price inflation remains modest by recent standards. In December 2015, rents were up 3.7% on the same month of 2014, in a year when rental price inflation never fell below 3.5%.
The data for 2017 also means it is likely that rents rose at a slower rate than general inflation during every month of last year, with inflation on the consumer price index measure running at 3.1% in November , the most recent period for which official statistics are available.