Across the UK in general, rental values recovered in 2019, following the drop we saw in 2018. The DPS (Deposit Protection Service) has reported an average 1.4% increase in rents in 2019 (Q42018 to Q42019).
The average monthly rent in the UK is now £773, or £672 excluding London. The graph below shows that there were regional differences in rent changes.
In the North West, including Lancaster, average monthly rents have decreased slightly by around 0.4% to £593 per month.
The highest annual growth was seen in London, with average monthly rents of £1,345, which is a 4.3% increase. The North East is the cheapest region to rent with monthly rents of £518.
If you’re looking for somewhere to rent in Lancaster, or you’re a Lancaster landlord looking for a new investment property, you can contact JDG on 01524 843 322 to discuss our latest available homes to rent and buy. We’re here to help.