Sign up to our Editors Choice newsletter now! Click here

UK rents up £62 in a year

Accessibility Menu

Menu Search

24dash - The UK's most up-to-date social housing and public sector news website

UK rents up £62 in a year

24DASH.COM Logo

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

UK rents up 62 in a year UK rents up 62 in a year

The average advertised rent in Britain increased by £62 (6.56%) in July 2014 compared to the same time last year, reaching £1,029 per month.

National rents surpassed the £1,000 per month mark in June 2014, and have since continued to climb steadily, rising an average of £11 per month over the past four.

Significantly contributing to the sustained national growth is the average rent in Greater London, which stood at £2,376 per month in July and showed no signs of abating having increased consistently for the last 12 months.

On average, renting a property in the capital is now £43 more expensive that it was at the beginning of July and £223 (10.11%) per month more expensive than July 2013 when rents reached a low of £2,148 per month.

Elsewhere, a monthly increase of £9 in the South East means properties in the region are also becoming more expensive to rent, with average prices £90 (8.07%) per month higher than the same time last year.

And as house prices in Scotland stalled in July, the rental market flourished. Average rents stood at £737 per month in July, approximately £60 per month more than when compared to the same time last year.

Other northern regions also experienced growth in July. The North West saw a slight decline over the last 12 months of 1.43%, with average advertised rents at £625 per month in July 2014.

Robin King, director of Move with Us, said: “Typically if the sales market improves, the rental market falters and vice versa. However, any fears that the rental market would decline as the sales market sprang back to life have now been allayed. The rental market has continued to grow alongside the sales market. It’s as strong as it’s ever been.

“For once it’s not just the South that’s driving climbing advertising rents as improvements have spread up to the northern regions too. While the North West was the only region where the average advertising rent declined in a yearly comparison, we expect to see rents in this region increasing in the coming months.”

Comments

Login and comment using one of your accounts...