You are here: Home - Mortgages - Buy To Let - News -

Tenants paying record rents across the UK

0
Written by:
14/08/2013
UK rents have reached record new highs and hit an average of £1,297 a month in London.
Tenants paying record rents across the UK

According to the July 2013 HomeLet Rental Index, rents in six of the UK’s 12 regions reached record levels, including Scotland (£627), the North West (£657), the East Midlands (£580), Yorkshire and Humberside (£607) and Wales (£603).

Tenants in the Greater London area are also paying more rent than ever before, at an average of £1,297 per month.

The national average rent increased by 1.8% in July alone to reach £826 – the highest level ever recorded and the second consecutive monthly record.

Andy Richards, HomeLet’s business development director, said: “Record rents have been recorded from regions across the whole of the UK, which suggests demand for rented homes is at its highest no matter which region people live in.

“However, Greater London remains 86.4% more expensive than the rest of the UK, with tenants in the capital now paying almost £1,300 per month to live in a rented home.

“The average amount a tenant earns increased by 1.3% during the past month to £28,500, which is also 2.5% up from the same time last year. Average rents increased by 1.8% and 3.6% during the same time periods though, suggesting tenants are paying the price for the increase in demand.

“Regulation of the private rented sector and lettings agents’ fees have once again been widely reported recently. However, this could lead to even steeper rises in monthly costs if fees are passed to tenants through an increase in rents.”

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week