London rents are so stratospheric that Mayor Sadiq Khan has recently said he wants to introduce New York City-style rent controls. But thankfully, compared to some parts of the UK, they're hardly rising at all.
According to new figures from mortgage website Landbay, Edinburgh is home to the UK's fastest-growing rents – with an average annual rise of 4.63% across the Scottish capital.
Nottingham is right behind with an average annual rent rise of 4.62%, followed by Stirling with 3.26%, Leicester with 3.16% and Inverclyde with 2.93%.
Across London overall, rents have risen this year by an average of 0.58%. But in six London boroughs (Barnet, Brent, Enfield, Harrow, Kensington & Chelsea, and Hillingdon), average rents have actually fallen in 2018.
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At the other end of the scale, rents have fallen fastest in five parts of Scotland: Aberdeenshire (an average fall of 7%), Aberdeen city (-6.23%), Angus (-1.75%), Moray (-1.26%) and South Ayrshire (-0.68%).
“On the face of it the scale of declining rents in Aberdeenshire and Aberdeen may appear concerning," says Landbay's CEO and founder John Goodall. "However, the reality is that these are exceptions, linked to issues surrounding Scotland’s oil industry."
South of the Scottish border, rents have also dropped notably this year in Buckinghamshire, Darlington, Luton and Bracknell – good news considering that renting is now a long-term prospect for many of us. Just 27% of people aged 25 to 34 now own their homes, and it was reported in April that a third of millennials can expect never to own their own homes.
Check out the 10 UK locations with the fastest-growing rents below. The figures in brackets represent the average monthly rent, followed by the average rent rise this year.
1. Edinburgh (£1,073, 4.63%)
2. Nottingham (£688, 4.62%)
3. Stirling (£796, 3.26%)
4. Leicester (£662, 3.16%)
5. Inverclyde (£539, 2.93%)
6. Conwy (£609, 2.76%)
7. York (£785, 2.73%)
8. Merthyr Tydfil (£507, 2.69%)
9. Bristol (£939, 2.58%)
10. Ceredigion (£668, 2.50%)
Check out the 10 UK locations with the fastest-falling rents below. The figures in brackets represent the average monthly rent, followed by the average rent drop this year.
1. Aberdeenshire (£1,360, -7.00%)
2. Aberdeen City (£580, -6.23%)
3. Angus (£444, -1.75%)
4. Moray (£712, -1.26%)
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5. South Ayrshire (£464, -0.68%)
6. Buckinghamshire (£1,166, -0.47%)
7. Barnet, London (£1,483, -0.47%)
8. Darlington (£417, -0.46%)
9. Luton (£775, -0.39%)
10. Bracknell Forest (£942, -0.37%)
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