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News

March 25, 2015

Rents rising but capital sees no gains

Rents rising but capital sees no gains
The gap between rental costs in London and the rest of the UK narrowed as rents rose in many regions but dipped in the capital last month. According to HomeLet data, average rents climbed by £10 to £899 in February, 9.9% up on the same month in 2014. If you exclude London, the figure climbed £20 on January’s average to £724. On a month by month basis, rents on new tenancies dipped by 2.5% in London, yet 80% of agents said the capital’s market still had more tenants that available properties. The UK’s cheapest rents were found in the North East, where averages climbed 3.1% to £550 in February. Year on year, Scotland, Wales and the East Midlands saw declines in rental averages through the month. Data from the latest English Housing Survey published by the Department for Communities and Local Government says that Britain is becoming a nation of renters, with home ownership at a 29 year low.