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Competition between tenants drives rents up 8%

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Competition between tenants drives rents up 8%

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Published by Max Salsbury for 24dash.com in Housing

Westminster negotiates lower private rents on former council flats 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."

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