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Average rents rise 1.8% ‒ Homelet

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  • 11/07/2019
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Average rents rise 1.8% ‒ Homelet
The latest rental index from Homelet has found that the average rent in the UK has risen by 1.8 per cent over the past 12 months.

It found that the average rent now stands at £941, up by £17 on the same point last year.

Northern Ireland has seen the largest annual increase, with rents up by 4.7 per cent. However, all 12 of the regions monitored in the index have seen some level of rental growth since June 2018.

Rents in London have grown by 0.9 per cent in the year, to an average of £1,611.

However, there has been a drop in the average duration of tenancy for rented properties. Back in June 2018 this stood at 32.1 months, but it has now fallen to 30.7 months according to the index.

Martin Totty, chief executive of the firm, said that the consistency of rental prices across the UK was “striking” and a “continuation of the theme we’ve been seeing since mid-2017 as rents have continued to edge up”.

Totty also noted that while the fall in average duration of tenancy wasn’t a “significant reduction”, it may be an early indication of more mobility among tenants following the introduction of the Tenants Fee Act.

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