Market Research Finds UK Rental Prices Continuing to Escalate
20th November 2012 16:49 - 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.
Sign up for free insights from your sector…
We hope that you have found this article useful. This section is freely available for all to use. Please help support it by liking us or following us on our social media platforms:
For updated Housing insights please follow us on @DJS_Housing or use our RSS feed