Rents are on a rising trend in almost every part of the UK, as the Tenant Fees Act comes into effect. Charging fees to tenants will be banned for new business, from June.
The research comes from HomeLet, the UK’s biggest provider of references in their monthly HomeLet Rental Index and reflects new tenancies.
It is widely thought that the ultimate effect of the Tenant Fees Act, will be to put pressure on rents, pushing them upwards still further, as letting agents seek to replace the loss of revenues from management fees charged to tenants.
The main points of the release of the new figures are:
• The average rent in the UK is now £936, up by 2.0% on the same time last year
• When London is excluded, the average rent in the UK is now £775; this is up by 1.8% on last year
• Average rents in London are now £1,617, up by 1.8% on last year
• The region with the largest year-on-year increase is the South East, showing a 3.2% increase between March 2018 and March 2019
• Of the 12 regions monitored by HomeLet, all showed an annual increase in rental values except the North East, which showed a decrease of 1.1%.