Rent prices in the UK are up as the housing market remains subdued because of Brexit uncertainty.
Annual house price growth remains low for yet another month, at just 0.4%, according to Nationwide’s House Price Index for October.
“The underlying pace of growth appears to have slowed as a result of weaker global growth and an intensifying of Brexit uncertainty,” the report said.
Meanwhile, a survey by tenant referencing firm HomeLet shows average rent in the UK is now £953 – an increase of 2.7% on last year.
When London is excluded, the average rent in the UK is now £788. This is an increase of 2.6% on last year.
In October, average rental values in London were about £1,665 – a 74.7% higher than the national figure.
Westminster currently has the highest average rent price in London, at about £2,608.
However, Lambeth (£2,156), Camden and the City of London (£2,069), Chelsea, Fulham, Hammersmith and Kensington (£2,028) and Wandsworth (£1,869) follow closely behind.
Meanwhile, Croydon (£1,092) Redbridge and Waltham Forest (£1,238), Barking, Dagenham and Havering (£1,256), Bexley and Greenwich (£1,362), and Harrow and Hillingdon (£1,378) have the lowest rent in the capital.
All 12 UK regions monitored as part of the study showed an increase in rental values, HomeLet said. However, five regions – the north-east, north-west, Yorkshire and Humberside, the south-west and Scotland – showed an annual increase of over 3%.
The north-east had the largest increase of 4.5% in the year to October 2019. This was followed by the north-west, which saw an annual increase of 4.3%.
Scotland saw an increase of 4.2%, the south-west 3.6% and Yorkshire and the Humber 3.5%.
Northern Ireland and Greater London also saw greater increases than the national average, at 2.9% and 2.8%, respectively.