April 12, 2024

Wales’ Rent Drops This Month, Bringing Positive News For The Market

  • Brand-new data, released by HomeLet, reveals that rent prices in Wales have decreased by -0.4% this month.
  • The rise is comparative to a £3pcm drop in prices for the average renter.

The HomeLet Rental Index, which is released monthly and analyses archived rents to paint a general picture of the UK market, has shown that Wales’ rent prices have decreased by -0.4% this month, which is saving the average renter around £3pcm.

Despite this, prices in nearly every other region have increased this month, in some areas as much as +2.1%.

Rental prices in Wales are up +4.84% in the last 12 months, which, despite being one of the smallest annual increases in the UK, still equates for around £40pcm more for the average Welsh renter.

This news comes as HomeLet’s Rental Index shares the disheartening news the average in the UK is continuing to creep up, this month by +0.9%.

Professionals believe this is not concurrent with wage increases, leaving many more out of pocket now than they were in a post-Covid Britain.

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer says: “It’s good news for Wales this month, one of the only regions to see a decrease in our data set. Whilst price drops are always good news, the figures across most other regions in the country are still cause for concern.

It’s predicted that rent prices in Wales could rise by a further 5% – 10% by the end of 2024.

The full breakdown of rent increases, variances and rent-to-income ratios can be found on the HomeLet website. The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK. The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.