What are the regional market differences?
For property sales, all regions across the board have experienced monthly growth in asking prices with Scotland marking the highest growth with 2.9% and the East Midlands marking the slowest growth with a level 0.0%.* Year-on-year, all regions, except for the East of England, have seen a positive change in asking prices, with Scotland, once again, showing the strongest growth of 3.8%.*
Rents are up by 7.9%**
Landlords, the rental market is showing positive signs with a notable 1.6% increase in rents over the last month, marking the highest monthly rise since the previous autumn. The annual perspective is also bright, with an average rent across the UK at £1,294 pcm, marking a 7.9% increase from the previous year. With the rental market showing considerable strength, it's a good time for rental investments, with the West Midlands and Scotland leading the way in terms of rental growth.**
All regions are experiencing strong annual growth, with the slowest growth occurring in Wales with 4.9% and the West Midlands experiencing the highest levels of annual growth with 10.0%.** Month-on-month growth is more modest, however, still positive in most regions, with London showing a monthly growth of 3.1%, followed by the North East with 2.9%.**
Scotland's rental market
Scotland’s 9.1% annual change in rents is outpacing the UK average of 7.9%.** This robust growth is reflected in the average rent of £947 pcm, marking Scotland as a region of significant rental market strength.
Wales' rental market
Even though Wales is experiencing the slowest annual rental growth, it’s a steady +4.9%, and a slower monthly growth of 0.7%, bringing the average rent to £851 pcm.** This suggests a stable rental market, with potential for growth in the coming seasons.