4.5% rent rise in Northern Ireland highest in UK
Northern Ireland had the sharpest increase in rental prices in the past year, a new survey has revealed.
The average rent in the UK is now £937, up 1.3% on the same period last year.
While the actual sum tenants pay here remains well below that average, lettings recorded the sharpest year-on-year increase, according to Homelet's rental index.
The survey showed that the average rent stood at £625 a month in July 2017. That increased to £653 for July 2018, a 4.5% rise. Homelet's index shows that the average rental price here shot up by £8 between June 2018 and July 2018.
When London is excluded, the average rent in the UK is now £777, up by 1% on last year. Average rents in London are £1,615, up 3.3%, with this being the first month on record that average rents in Greater London have surpassed £1,600.