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UK rents reach 18-month high

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Asking rents in the UK hit an 18-month high in February, according to a report by property services company Move with Us.

The nation’s average asking rent is now £923 per month, an increase of more than £20 when compared to February 2013 and the highest it has been since the study began in the third quarter of 2012.

Overall, average advertised rental prices increased in nine out of 11 regions of Britain last month.

Landlords in Scotland saw the biggest rises – rents rose to £695 per month, a 3% increase from the previous month and a 4% rise compared to the same time last year.

Average advertised rents in London grew by £29 in February, but prospective tenants in the North East saw rents decline. The region saw average asking rents fall by £24 to £673 per month despite an increase of nearly £100 at the end of 2013.

Robin King, director of Move with Us, said: “The best places for investors aren’t necessarily where average rents are the highest but rather, the places with the highest rental yields. This means that, for example, the high rents in Greater London may be deceiving from an investment point of view. Rental yields actually tend to be better in places where property prices are lower like the North East, and the Midlands.”

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