Rents rising again across the UK, index says

Average new tenancy rents in nine out of the UK’s 12 regions increased last month, according to the latest rental index from Homelet. The letting services firm says rents increased on average by 1.1% across the UK year-on-year, and that rises were highest in Northern Ireland where they increased 2.4% during July alone, and 5.4% year on year. Tenants are now paying £10 more a month to rent a property than a year ago, or £925. Scotland had the next highest rents rises at 3.6% followed by the East Midlands at 3.2%. Rent reductions But rents have continued dropping in London, the South East and North East, the index shows, by up to 1.7%. This follows national decreases in rent during April and May this year, and the rent reductions in London are the fourth in a row for the capital. A year ago rents in London were rising by 6.6%. “It’s often been the case in recent times that rents have strengthened over the summer period,” says Martin Totty, CEO of Homelet (pictured, left). “It’s a time when renters contemplate moving, demand increases, tenancy terms are set, and when the anniversary of the tenancy often occurs. “This year, that…