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British rents hit £1,000 a month

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British rents hit £1,000 a month

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

British rents hit 1,000 a month British rents hit 1,000 a month

Image: Money Arrow via Shutterstock

The average advertised cost of renting a residential property in Britain has hit an astonishing £1,006 per month.

The soaring nationwide average has been driven by costs in London and the South East. Average advertised rents in the capital have reached £2,300 a month - the highest average outside of summer 2012's 'Olympic bubble'.

Outside of the Southern market, Scotland is also experiencing soaring costs, with average advertised rents continually climbing since November last year to a shocking record of £726 per month.

In better news for renters, average advertised rents in the North West, Yorkshire & Humber and the North East fell slightly in May.

The North East has now hit a two-year low with rents dipping to £639 per month.

Robin King, director of Move with Us, said: “For the first time, the average advertised rent in Britain has risen above the £1,000 mark.

“This record milestone emphasises that in certain regions across the country there isn't enough supply to keep up with demand in the private rental market.

"The regions around the capital have witnessed substantial growth in the last 12 months and have made a significant contribution to the national average rent going past £1,000 for the first time.

"Although this is good news for landlords, the higher cost of renting will be hitting the pockets of tenants across the country. One of the solutions to bringing down the cost of renting is to build more houses.”

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