rents rise
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Rents bounce back
The average rent in the UK rose by 1.1% in July compared to a year ago, HomeLet’s latest research shows, the first rise in three months.
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UK rents continue to rise
Rents on new tenancies rose across most parts of the UK over the three months to February, led by gains in the capital, fresh figures show.
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Latest property news
Rents rise 3.2% year-on-year
Rents rose by 3.2 per cent to an average £926 per month in February compared to the same time last year, the latest figures show. The Countrywide monthly Lettings Index for February has identified a fall in tenants’ negotiating power, with the average home in the UK let for 99.9 per cent of the asking rent, the highest such value since 2007, just before the global economic downturn. This figure is highest in London where the average let was agreed at 100.9 per cent of the asking price while it was lowest in Wales at 98.7 per cent. With demand continuing to heavily outstrip the supply of private rental homes, one in five of those renting in the capital pay more than asked for to secure a property of their choice. This equates to £94 a month over and above the asking rent against a UK average of £44 which, over the course of a typical 17-month tenancy, works out to be an additional £1,578 in rent for the average Londoner. Rental price growth in London has unsurprisingly outstripped all other parts of the country since 2007, with rents 34 per cent above their pre-recession record compared to12 per cent…
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Housing Market
Average rents rise 8.5%
Private rents have continued to increase across the UK, albeit at a slower pace, hitting a new high of £995 per month in September, research shows. Following six months of annual rent price increases of 10 per cent plus the latest HomeLet rental index reveals that the average price paid in rent slowed to an average annual increase of 8.5 per cent across the UK in September. Strong demand from tenants and an undersupply of properties have continued to place upward pressure on rents, with nine of the 12 UK regions analyzed seeing rent prices increase on an annual basis in September, led by gains in Scotland at 8.4 per cent, followed by the East Midlands at 7.7 per cent and Greater London at 6.6 per cent. In contrast, rents fell by 4.6 per cent in the North West, were 2.2 per cent lower in East Anglia and dropped by 1.4 per cent in Northern Ireland. Martin Totty (left), Chief Executive Officer of Barbon Insurance Group, parent company of HomeLet, said, “Affordability is an important factor in determining rents. Depending on what happens with inflation and real incomes over the coming months, could have a bearing on future rental price…
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Rents rise at a slower pace
Rental prices continued to increase at double-figure rates on an annual basis, and are now 10.5 per cent higher than a year ago, led by gains in the South East of England and East Anglia, the latest findings from the HomeLet Rental Index show. The pace of rent rises slowed and in some regions retracted over the three months to August 2015, compared to the previous three-month period. Nevertheless, the average UK rent on new tenancies increased by 1.6 per cent in the three months to August 2015, compared to a rise of 2.2 per cent for the three months to July and June 2015. Overall rent price increases are still running ahead of inflation and house price growth, with the Index showing that average UK rents for new tenancies over the three months to August 2015 stood at £992 per month. The most expensive rents are to be found in London, where the average rent on a new tenancy reached £1,558 per month during the three months to August 2015, up from £1,538 per month in the three months to July 2015. On an annualised basis, only the North West of England reported lower rents for new tenancies in…
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Rents rise across the UK
Rental prices are continuing to rise across all regions of the UK, the latest findings from the HomeLet Rental Index reveal. This is the second month in succession and only the fourth time in history of the Index – previously in October 2014 and once in December 2010 – that rent prices in every region of the UK have increased simultaneously. The HomeLet Rental Index figures for June 2015 show that rent prices across the majority of the UK are rising. The average rent price across the UK (excluding London) now stands at £747 per month for the three months to June 2015, an increase of 7.8 per cent against the same period last year, when the average UK rent, excluding London, was £692 per month. The highest rents continue to be recorded in the capital, where the average rent on a new tenancy now stands at a record high of £1,515 per month, up 10.1 per cent compared to a year ago. This rise is owed party to the fact that a growing number of tenants are moving into London, according to the report. Wakefield, Coventry, Brighton and Nottingham were also identified as ‘hotspots’ where tenants new to the…
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Housing Market
Rents rise further
Rents in the residential property market continued to increase in February as tenants across the UK paid an average of £81 more per month than a year ago, the latest figures released by HomeLet show. The average UK rent in February reached £899 a month, up £10 compared to January, and £81 higher, or 9.9 per cent, than the corresponding month in 2014. But while rental prices rose across many parts of the UK, led by gains the North East and the South West, the research shows that they actually dropped by 2.5 per cent month-on-month in London where the housing market is cooling, adding to the narrowing gap between rents in the capital and the rest of the UK. “2014 saw the London rental market outstrip the rest of the UK in terms of rent price growth but what we are seeing so far in 2015 is the private rental market becoming much more broad-based with the strongest rent price growth occurring outside of the capital,” said Martin Totty, Chief Executive of Barbon Insurance Group, of which HomeLet is a part. Despite the market slowdown, tenants in London still paid the most expensive rent at £1,390, up 5.1 per…
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