AUGUST 20, 2014 | BY A & S Property
As house prices continue to rise, so do rents
The average advertised monthly rent in the UK now stands at well over £1,000 as July figures from Move with Us suggest a £62 (6.56%) increase to £1,029 since July 2013.
National growth has been driven by Greater London where, after increasing consistently over the last year, the average rent now stands at £2,376 per month.
On average, renting a property in the capital is now £43 more expensive than it was at the beginning of July and £223 (10.11%) per month more expensive than July 2013 when rents reached a ‘low’ of £2,148 per month.
These improving market conditions are not limited to the capital, however, as a monthly increase of £9 in the South East means properties in the region are also becoming more expensive to rent, with average prices of £90 (8.07%) per month higher than the same time last year.
One region to experience a decline over the last year was the North West where the average advertised monthly rent for July was £625, a 1.43% decrease on last year’s figure.
Across the border in Scotland, the rental market continues to flourish. The average rent recorded in July was £737 per month, which is close to £60 more in comparison to last year’s average rent in July.
Move with Us Director, Robin King noted his surprise that the rental market is continuing to grow alongside the sales market – as usually when one thrives, the other falters.
“For once it’s not just the South that’s driving climbing advertising rents as improvements have spread up to the northern regions too. While the North West was the only region where the average advertising rent declined in a yearly comparison, we expect to see rents in this region increasing in the coming months,” he concluded.