UK average rent ‘exceeds £1k for first time’

The average cost to rent in the UK is now more than £1,000 per month, according to an article published by Move With Us.

The company has reported that the typical monthly rent in May was £1,006, which means it has passed the £1,000 milestone for the first time since the organisation’s Rental Index started in July last year. Overall, it found rents were up 1.32 per cent compared to April and 3.78 per cent on May 2013.

The highest annual increase occurred in Scotland, where rents grew 7.5 per cent to an average of £726. This was followed by the south east (6.87 per cent) Wales (5.74 per cent) and the West Midlands (5.56 per cent).

Of the 11 regions assessed by the organisation, only two saw rents fall on a yearly basis. These were the north west and north east, which experienced falls of 5.77 per cent and 2.12 per cent respectively.

Robin King, Move with Us director, stated: “For the first time, the average advertised rent in Britain has risen above the £1,000 mark. This is still a tale of two markets however with the south of the country continuing its steady growth path while the north is following behind.”

He added that in certain parts of the UK the supply of rental properties is struggling to keep up with tenant demand and this is driving up the cost of rent, particularly in the Greater London area.

“One of the solutions to bringing down the cost of renting is to build more houses,” Mr King stated.

Move with Us found Greater London rent was up 4.68 per cent year on year and 2.05 per cent on a monthly basis. This takes the average cost of a rental property in the capital to £2,302 – more than double the national average.

The difference is even more pronounced when compared to the north east, where the typical rent in May was just £621.

Here at Applegate, we have noticed an increase in rental costs, this cost meets with the high demand for properties in the area. We expect this growth to continue for the foreseeable future as with demands for rental properties.

Article Source: www.rmann.co.uk

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