Melton's property rental price rises highest in the region

Latest figures from the Office for National Statistics (ONS) for August 2024 show average rent payments went up by 21 per cent compared to July 2023, a significant hike which clearly outpaced the national average increase of 8.6 per cent.

Despite this sharp rise, Melton's average rent of £784 per month remains £327 below the national average of £1,279.

However, the town's rental market has seen a dramatic turnaround from a record-low decrease of 6.2 per cent in December 2023, highlighting the volatility in the area's property market.

The average rental price has gone up £103 since January 2024, a 22 per cent increase.

Here's a breakdown of the top five average rental price changes in the East Midlands in the 12 months to August 2024:

1. Melton: £786 (up 21.1% from £649);

2. Hinckley and Bosworth: £854 (up 15.1% from £742);

3. Harborough: £907 (up 14.9% from £789);

4. Leicester: £934 (up 12.2% from £833);

5. South Kesteven: £805 (up 11.1% from £724).

In addition to rising rents, Melton's housing market has also seen notable growth.

Provisional house price figures suggest a 6.4 per cent average rise in the area over the past year, with the average house selling for £277,000 in July 2024, up from £257,000 in July 2023.

This increase is above the British average house price growth of 2.1 per cent during the same period, signalling a broader trend of rising living costs in the region.

Property Insights has produced an overview of ONS property prices for August across the UK HERE, highlighting the top price changes.

In July 2024, the East Midlands saw substantial rental price hikes, recording the highest regional increase across Great Britain.

The average rent in the region rose by 9.9 per cent, bringing the average monthly rent to £832, up from £760 in July 2023.

The average rent price in the East Midlands is now £836, a 10.9 per cent increase from January 2024, when it was £755.