DPS Rent Index Q2 2022 Regional Summaries

The DPS have just published the rent index for Q2 of 2022.

It can be seen here, and says

London

  • Average rents in London increased for the fourth consecutive quarter, rising by £23 (1.63%) from £1,415 to £1,438. This was the fourth highest regional rise this quarter in terms of value, but the third lowest percentage rise.
  • Year-on-year, the increase is more pronounced, with average rents up £124 (9.44%), the largest by value across all regions though only the third highest by percentage.
  • Inner London recorded the sharpest growth, up £46 (3.07%) to £1,543, compared to Outer London which rose £16 (1.22%) to £1,327. In fact, Outer London’s growth slowed down compared to last quarter, when rents rose £32 (2.50%).
  • In terms of property types, semi-detached properties in London have seen the largest quarterly growth in average rents across the whole country, rising £46 (2.61%). On the other hand, London is also the only area where rents for terraced houses declined by -£23 (-1.30%) from £1,766 in Q1 2022 to £1,743 this quarter.

South East

  • Average rents stand at £1,004 in the South East, an increase of £24 (2.45%) from £980 last quarter. This rise is slightly above the UK average. The South East remains the second most expensive region for renting after London.
  • Flats experienced the greatest growth in percentage terms across all property types, rising by £26 (2.99%) from £869 to £895, whilst detached properties showed the largest growth in monetary value, moving from £1,540 to £1,568 (£28, or 1.82%).
  • Three districts in the South East are among the top 5 most expensive regions in the UK. Those are: Surrey, Wokingham, and Windsor and Maidenhead.

South West

  • After a slight decline in the first quarter of 2022, average rents in the South West have seen one of the sharpest rises across all regions this quarter, up £32 (3.84%), from £833 to £865, well above the UK average. Year-on-year, the increase of £68 (8.53%) is the third largest value rise after London (£124) and West Midlands (£69).
  • Detached properties registered the highest growth for the third consecutive quarter, up £58 (4.69%) rise to £1,295. Year-on-year, detached properties increased £145 (12.61%), the third highest rise in value after the South East (£149) and London (£213).
  • After recording a decline last quarter, the district of Bath and North East Somerset saw the largest rise in the region, up £109 (10.29%), followed by the City of Bristol (£41 or 4.24%). East
  • Average rents in the East saw both quarterly and yearly increases. Compared to last quarter, rents increased by £20 (2.24%) to £914, slightly below the UK average. Year-on-year, rents rose was £54 (6.28%).
  • The East is now the third most expensive region to rent after London (£1,438) and the South East (£1,004).
  • While all property types saw growth this quarter, semi-detached showed the largest growth from £1,044 to £1,075, up £31 (2.97%). Flats, which saw the largest increase in the previous quarter, showed the smallest increase in the region this quarter, up £8 (0.97%).
  • The county of Cambridgeshire saw the largest rise this quarter, up £36 (4.20%).

East Midlands

  • The East Midlands saw the smallest increase of any region this quarter, up £6 (0.91%) to £662, with the exception of Northern Ireland where average rents decreased. Year-on-year, rents rose £36 (5.75%).
  • The East Midlands was the only region where average rents for flats declined this quarter, down from £584 to £579, a fall of -£5 (-0.86%).
  • Leicester, where rents declined in Q1 2022, showed the largest rent increase this quarter of all districts within the region, up £40 (7.05%) to £607.

West Midlands

  • Average rents in the West Midlands continue to move upwardsthis quarter, rising £18 (2.59%) to £714. Year-on-year, rents are up £69 (10.70%), slightly above the UK average.
  • While all property types in the West Midlands recorded a rise in average rents, flats saw the sharpest increase, rising by £45 (7.20%), to £670, the largest rise for any region. Conversely, detached houses showed the smallest rise for any region, up £1 (0.10%) to £1,017.
  • With the exception of the county of Shropshire, where rents declined by -£1 (-0.15%), all other counties recorded some degree of growth, with Worcestershire seeing the biggest rise, up £25 (3.50%).

Yorkshire

  • After a -£2 (-0.34%) decline in the first quarter of 2022, Yorkshire saw average rents moderately rising again in Yorkshire, up £12 (2.07%) to £592. This is the second smallest increase across the UK, after the East Midlands. Yearly, rents increased £30 (5.34%), the second smallest annual increase after Northern Ireland.
  • Average rents for all property types increased in Yorkshire, with terraced houses recording the largest rise of £19 (3.23%) and flats the smallest, up £7 (1.30%).
  • The district of South Yorkshire saw the largest quarterly rise in rents in the region, up £30 (5.58%) to £568. North East Lincolnshire declined by -£7 (-1.39%), falling to £498.
  • Yorkshire remains one of the cheapest regions for rent. Two districts, the City of Kingston upon Hull and North East Lincolnshire, are within the top 5 least expensive counties to live in.

North West

  • Average rents in the North West have grown roughly in line with the national average, up £19 (2.90%) to £675. Annually, rents in the region have risen £48 (7.66%) slightly below the national average yearly increase.
  • After a decline of -£17 (-1.64%) during the last quarter, detached houses recorded a sharp increase, rising by £68 (6.69%). This the largest increase recorded for detached properties across all regions. Semi-detached properties also registered a significant rise, up £33 (4.19%) to £820, the third largest for semi-detached properties in terms of value after London (£46) and Scotland (£34).
  • Within the region, Manchester saw the highest quarterly rise up £37 (5.08%), followed by Cheshire West and Chester, £28 (3.77%). Blackburn with Darwen was the only district to see rents fall, down -£9 (-1.57%).

North East

  • In the North East, average quarterly rents rose £22 (3.89%) to £587. Annually, rents are up £57 (10.75%), the highest percentage rise for any region.
  • The North East remains one of the regions with the lowest average rental values in the UK, second only to Northern Ireland (£578).
  • Average rental value for terraced properties showed the sharpest rise in the region this quarter, rising £17 (3.15%) to £556. Flats also rose £17 in the quarter, up to £573, but this only represents growth of 3.06%.

Scotland

  • Scotland saw the highest increase in average rents by value this quarter, rising £35 (5.19%) from £675 to £710. Year-on-year, rents in the region increased £60 (9.23%), the fourth largest percentage increase in the UK.
  • After a decline in the previous quarter, average rents for detached properties saw a significant increase this quarter, up £50 (5.90%).

Wales

  • Wales saw average rents increase for the third consecutive quarter, up £18 (2.76%) from £652 to £670.
  • Annually average rents have risen £44 (7.03%) some way below the UK average of £66 (8.21%).
  • In terms of property types, terraced properties showed the largest growth (£29 or 4.41%). Detached properties, which recorded the biggest increase by property type in Q1 2022, registered a fall this quarter of -£10 (-1.18%). This was the only region in the UK where a decrease in rents for detached properties was recorded.
  • Most districts in the south of Wales recorded rent increases, among them: Rhondda Cynon Taff (£73 or 13.59%), Swansea (£57 or 9.41%), Neath Port Talbot (£47 or 8.55%) and Cardiff (£35 or 4.06%).

Northern Ireland

  • After seeing some of the smallest increases in average rents in the last two quarters, Northern Ireland saw a decline in rents, from £581 to £578 (-£3 or -0.52%).
  • Year-on-year, average rents show the smallest rise in the UK (£20 or 3.58%).
  • Northern Ireland remains the region with the lowest rents in the UK (£578), followed by the North East (£587) and Yorkshire (£592).

 

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