The average rent in England and Wales now stands at a record of over £650 according to the Rentindex. This is a rise of almost 7% over the last 6 months (this includes seasonal factors). Over the year the rents now stand at 2.7% the level at this time last year which is a full 1.5% above the current inflation level of 1.2%.
The total value of rents was £44.8bn in the year to June – up 5.5 per cent on a year ago and equivalent to nearly half the UK’s total annual household expenditure on food.
A word of caution we are now entering a seasonal period of rent deflation as landlords fight to get a tenant in to their rental property rather than going for top dollar preferring instead to avoid the void.
This historically continues until the spring when landlords recover their nerve.
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