Market Research Finds UK Rental Prices Continuing to Escalate

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20th November 2012 16:50 - Housing

 

A survey by company LSL has shown that rental prices in England and Wales have hit an all-time high.

Rents in these regions are now at an average of £744 a month. The monthly rise at present is double the 0.2% increase this time last year, and after seven months of rent escalations, rents are now 3.4% higher than in 2011.

On an annual level, London has seen the fastest rent increases – tenants are suffering a 7% hike to £1,102 – the highest rental average ever seen.

Furthermore, a separate survey by HomeLet has revealed that Londoners are now paying almost 90% more than tenants who rent elsewhere in the UK.

Nevertheless, the positive findings of the LSL study are that the pace of rental increases across the nation have slowed somewhat - rents generally rose by 0.4% in October, which is the slowest rate of increase since May.

In addition, five regions saw their rents decrease in October - the sharpest fall was in Wales (down by 1.6%) and the East Midlands (down 1.8%), which represents the first fall in rentals within these areas since March.

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