Competition between tenants drives rents up 8%
Published by Max Salsbury for 24dash.com in Housing
Westminster negotiates lower private rents on former council flats
UK rents have soared by 8% in the last 12 months as rivalry for property between tenants intensifies.
And the number of new tenancies has risen by 20% in the same period.
Six prospective tenants are now chasing every new rental property on the market.
In London, prices have risen 4% to a monthly average of £1,427 while the amount of new tenancies has soared by 37%.
Stephen Nation, head of lettings for Sequence, a 300-branch agency network, said: “The figures this month highlight just how much the rental market is growing and proves that a strong sales market does not impinge on the strength of the rental market.
"Rents are up across the UK, up 1% in March and 8% annually, and this is driven by the high levels of demand we have seen across the country, with new tenant applications rising 21% in March alone. The number of new rental properties coming onto the market has failed to keep up with demand, remaining flat on the month, which is why we have seen a growth in rents."