rents increasing

Average rents continuing to grow

The average rent achieved for a newly let residential property in the UK rose in September by 3.6 per cent year-on-year to £941 per month, the latest figures from Countrywide reveals. The research found that rents continued their growth over the year, with prices supported by falling numbers of homes available to rent and sustained demand from tenants. The study also shows that the gap between the areas where many people can afford to rent and where they can afford to acquire property has continued to widen, owed largely to the fact that house price growth has outstripped rents across most parts of the country in recent years. As a result, more than half of tenants – 51 per cent – who purchase a property do so outside the town or city where they were renting, compared to 38 per cent in 2008. This trend is most evident in London where a third of renters – 36 per cent – who take their first steps on the housing ladder end up living outside the M25, up from a fifth – 21 per cent – in 2008, reflecting a surge in property prices over the past seven years. Johnny Morris (right),…

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