Latest Figures Show London Boom Continues, But Biggest Shift Comes from Outside Capital

londonviewWhether it’s the job market, culture or the nightlife, people from all around the world are attracted to the UK’s capital city.

Is living in London worth the high pricetag though? Here we take a look at the latest property figures from August and compare them with the rest of the year.

Inside the Capital

The prices in London are still more than double that of most of the UK. The average monthly rent now stands at £1,462, up 2.4% from last month and 11.4% from the same time last year when prices were at £1,314 pcm.

While half of the major regions of the UK saw rental prices decrease over the last month, none of the eighteen locations surveyed in Greater London saw the shift. The biggest increase over the last year came from South West London, which rose 16.2% taking rates from £1,536 to £1,785. The neighbouring West London though, with an average price of £1,807 per month, is the most expensive area in the capital to live, narrowly taking over from North West London (£1,750 pcm).

When you take London out of the equation, the average UK rental value was £729 pcm, 2.4% higher than this time last year (£711pcm).

Outside the Capital

Surprisingly, it was in fact outside of the capital where the biggest changes took place in the last month. Rental prices in the South East are up 3% since July to £917 pcm, prompting analysts to tip Brighton, Southampton, and Luton as the three hottest, future locations and house prices predicted to soar 37.3% in the South East by 2019.

The biggest movement over the last year has been in East Anglia where prices have risen 8.4%, while the largest prices dropped were in the North East where rates dropped 1.7%.

The Complete Figures
  • Northern Ireland: monthly variance +1%, annual variance +1.4%.
  • Scotland: monthly variance: +1.9%, annual variance +2.6%.
  • North East: monthly variance -0.8%, annual variance -1.7%.
  • North West: monthly variance -3.5%, annual variance +1.4%.
  • Yorkshire and Humber: monthly variance -1.5%, annual variance +1.2%.
  • Wales: monthly variance -1.9%, annual variance +3.6%.
  • East Midlands: monthly variance +1%, annual variance -0.8%.
  • West Midlands: monthly variance +1.9%, annual variance +5.2%.
  • East Anglia: monthly variance +1%, annual variance +8.4%.
  • Greater London: monthly variance +2.4%, annual variance +11.4%
  • South East: monthly variance +3%, annual variance +5.3%.
  • South West: monthly variance -0.9%, annual variance +4.9%.

Comment below to tell us what kind of trends you’re noticing in your local area. Think you know the UK property market? Test your knowledge with the HomeLet quiz on Facebook?

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