rents

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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