Average new rents in London have jumped to over £1,600 a month for the first time, and new rents across the whole UK are up by 1.3% on this time a year ago.
The figures, from referencing firm HomeLet, raise further questions about affordability, now entrenched as a central issue for both buyers and renters.
HomeLet said that average new rents in London are £1,615, the highest on record and up 3.3% year on year.
The average new rent in the UK is now £937, although when London is stripped out, this falls to £777.
The region with the largest monthly increase between June and July is the south east, where new rents increased 2.6%.
In nine regions, rents rose in July. Only in Scotland, the north east and east of England were there falls.
Comments (3)
I wonder whats causing rents to rise ? – wouldn’t be anything to do with Licensing and lots of other additional costs the Government are imposing on Tenants ? ( via Landlords, so its like they’re not to blame )
Well I never, this is a shock. Landlords with only one or two properties are selling up as they can’t be bothered with all the added and unnecessary regulations. S.24 and the 3% SDLT is starting to have an effect. This is only the beginning, next we’ll have Shelter (the homelessness charity that has never housed a homeless person in its entire existence) whinging and whining for rent controls, which would only lead to more landlords exiting the sector. Of course rents are going to increase, I’m passing on the costs of licensing at four properties which now require a license, there would have been no increase in the usual scheme of things but I’ve increase by £25pcm with the rider that should licensing cause me any further added costs then these will be passed on as well, just like any other business in the country.
Thank you Mr Osbourne your tax grab is starting to come into effect.