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Rents up across whole UK

by: Adam Williams
  • 15/06/2015
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Rents have risen in all 12 areas of the UK during the last year, data from HomeLet has shown.

The firm said rents in the last three months were higher than a year ago across England, Scotland, Wales and Northern Ireland.

London continued to steam ahead of the rest of the country with an average new tenancy costing £1,506 each month.

For the UK as a whole the typical new monthly rent was £935, although this figure drops to £738 when London is excluded. These figures are 10% higher than a year ago.

While property in London continues to be the most expensive to rent, the South West of England saw the largest increases in the past year, with average rents rising 13.6%. Scotland (9.6%) and the South East of England (9.4%) also outstripped the growth of the capital.

Rent increases outside of London have generally been rising in the past 12 months, the survey showed. Back in May 2014 the yearly growth outside the capital was 2.8%, but this figure has leapt to 7.6% today.

Inside London this figure has remained relatively flat, moving from 9.5% growth to 9.2% in the past 12 months.

Martin Totty, chief executive officer of Barbon Insurance Group, parent company of HomeLet, said: “Rental values are now increasing year on year across the country, with no exception.

“After a short period of London rents rising more slowly, when it seemed the rest of the UK may catch up or even exceed the capital in the speed at which rent prices were increasing, we now see the rate of price rises in London returning towards double digit growth, while the rest of the UK continues to rise steadily.

“With the whole of the UK experiencing increases in rent prices agreed on new tenancies, it is possible this is an early indicator of a post-election private rental market where both landlords and tenants might expect rent prices to keep rising as demand continues to grow.”

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