Rents are rising at their fastest rate for three years, Zoopla has reported.
It said that the annual rate of UK rental growth for new lets is now 2%, up from 1.3% a year ago.
It blames tightening supply as levels of new investment decline, a result of tax and policy changes.
Despite the rent rises, it says the growth is half the level of earnings growth, which the ONS puts at 4% over the last three years, and that actual rental affordability is trending downwards.
Zoopla puts the average rent at £876, up from £859 a year ago, with average time on the market just 17 days.
Zoopla also says that there are more home moves in the UK rental market than in the sales sector – 1.2m compared with around 1m. It says private renters move on average every four years, while home owners move every 20.
Comments (2)
Couldn’t have something to do with Theresa May’s ( Shelter Housing Advisor ) policies imposing regulations that got passed onto tenants perhaps ?
Rents going up – well there’s a surprise. NOT!
Who would have expected that punitive tax increases, higher compliance requirements, extra Licensing costs would lead to higher rents. (apart from politicians and housing charities that is).