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The Rental Index data is qualified through high-quality tenant referencing, carried out on behalf of over 4,500 UK letting agents. As a group we reference over 1m tenants a year, enabling reporting on newly agreed tenancy applications, with historic data for over 13m tenancy applications.
HomeLet Rental Index provides comprehensive and up to date data on new tenancies in the UK. Data is gathered from our tenant referencing service, including the rental amounts agreed, the number of tenants moving into the property together with the employment status, income and age of all tenants.
HomeLet Rental Index provides a comprehensive and up to date data on new tenancies in the UK. As part of the referencing process for around 350,000 prospective tenants each year, HomeLet processes information including the rental amounts agreed, the number of tenants moving into the property together
HomeLet calculates that tenants are forking out just 33.4 per cent of their monthly wages on rental costs, a two per cent increase since last year. In Northern Ireland, concern is growing as this figure has increased by 10.7 per cent in a year, rising to 38.1 per cent of monthly wages.
The average rent in the UK is now at a record high of £996– the fifth month in a row that the average price has increased. When London is excluded, the average rent in the UK is now £853, showing an increase of 7% on last month, and an increase of 6.2% on last year.
The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.
The average rent in the UK reached £1,175 PCM, up 3% from last month, according to HomeLet data on actual achieved rental values. London rents rose to £2,011 PCM, the first time they exceeded £2,000 PCM, while the North-West saw the largest monthly increase.
