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Thursday, February 11, 2016

Most UK regions report rent increases

Rents  are up in 11 out of 12 regions in the UK according to the latest rent index from HomeLet. 

Homelet puts the average rent, excluding greater London at £740 pcm, whilst the capital's average rent hit £1,510 pcm, which though still rising, but at a slowing pace

The only region to record a fall, was the North West, where average rent dropped by 3.4% to £624.

Homelet Chief executive Martin Totty comments:

‘It’s notable that there has been a further fall in the rate at which average rents in the Greater London area are rising. In recent years, the capital has seen much faster rates of increase than the rest of the country, but it may be that an affordability ceiling has now been reached in London and that rents will now track other parts of the UK more closely.

The fact that UK wide average rents in the private rented sector continue to show sustained upwards growth reflects there is still strong demand for rental properties, driven mainly by the impact of the long term structural imbalance in supply and demand of property.

Landlords achieving higher average rents over time also suggests that tenants starting a new tenancy are proving they can afford higher average rents. With demand outstripping supply, some would-be tenants may be able to outbid rivals for properties, which could drive higher rents.’

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