This new quarterly report has been developed by the research team to provide a detailed insight into the important trends in this large and diverse part of the UK housing market.
Its intention is to provide you with an accurate view on the market, tracking everything from achieved rents over time, to time to let.
Top-line, the Q3 2019 report reveals that UK-wide rental prices are up +2% annually to £876 – an acceleration in growth from +1.3% one year ago. As with house price growth, rental growth is varying vastly across the country reflecting the relative strength of local economies.
For more detail on the rental market this quarter download the free report, or explore the interactive map below.
Regional rental affordability is proving to be most attractive in the North East where rent equates to 22% of a single earner’s wages. All regions other than the South West and East Midlands show an improved level of rental affordability today compared to the five-year average.
In London, rents stand at 46% of a single person’s wages, but when assessed on the basis of there being of 1.5 earners per property, rent falls to 33.2% of earnings, in line with the UK average.
When looking at the UK (exc. London), it’s clear to see that the increase in private rents is failing to keep pace with growth in average weekly earnings. This means the affordability of renting has improved over the last three years, with rents rising at half the rate of average UK earnings growth (up +4% annually).
For the full low-down on this quarters’ Rental Market Report download a copy.
If you’re interested in the use of the Rental Indices please do get in touch with the team at rental.index@zoopla.co.uk
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