Average rent in the UK driven to new heights by costs in London According to new research, the #averageUKrent is at its highest amount since September 2013 after being driven up by costs in the capital. The latest Rental Index from Homelet shows the average cost of #renting in the #UK increased by 2.3% during February 2014 to £818 per month – the highest amount recorded for five months. Although seven of the 12 regions were #home to monthly increases, most of these were by a minimal amount – apart from in the capital where #rentalamounts increased by an average of 4.5%. The only other two regions to see increases above 0.7% were Yorkshire and Humberside and the South East that saw the average cost of #renting a #home increase by 2.2% and 1.1% respectively. Following the 4.5% increase to £1,319 per month, it currently costs almost double to rent a home in Greater London than in regions around the rest of the UK (when the Greater London figure is removed). The 96.3% difference between the capital’s and the rest of the UK’s rents is the highest ever recorded. Gary Abraham, HomeLet’s Sales and Marketing Director, points out that the 96.3% difference between #rentingahome in #GreaterLondon and the rest of the UK is a reflection of the strong demand for #rental #homes in the capital and a sign of the flourishing #privaterentedsector. The recently released English #Housing Survey reveals how the number of people living within the #private #rentedsector has almost doubled since the early 2000s. The report also shows how nearly half (44%) of #privaterenters expect it will be five years before they’re able to #buyahome – compared with only a quarter (23%) who anticipate they will be in a position to buy a home within two years. Gary concludes: There’s certainly been a shift in the demographic, expectations and lifestyle of #tenants within the #privaterentedsector, and I believe the trend of ‘#generationrent’ will continue to grow for the imminent future. Our new data reinforces this by showing the average age of a #tenant has increased consecutively for the past two years to age 34. From this we can see a wider variety of people, such as families and professionals, are deciding to become a tenant, rather than buy - and prefer the flexibility offered from living in a #rentedhome. More people #renting than ever also means there are many plans in place to regulate the market. The introduction of a model #TenancyAgreement, code of practice for #LettingAgents, #longtermTenancies and a fees cap are just some of the proposed initiatives being looked into by the Government. #RisingRents in the #capital show how investment within its private rented sector remains strong. #London’s thriving economy is fuelling its #rentalmarket, and with people being attracted to the capital to take advantage of job prospects and higher wages, #rentingaHome is increasingly becoming the lifestyle choice for many.”
Posted on: Mon, 17 Mar 2014 15:55:00 +0000
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