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MARCH 09, 2018 | BY A & S Property

Misery for tenants as rents rise again

Rental prices increased by 1.2% in February compared to the corresponding month a year earlier, the latest HomeLet Rental Index shows.

The average rent agreed on a new tenancy signed in February was £906 per calendar month (pcm),  according to figures from the insurance company.

When London is excluded, the average UK rental value was £758pcm in February, which is up 1.6% on last year.

On an annualised basis, rents rose in almost all regions of the UK covered by the research, led by gains in Scotland where rents are up 5.5% year-on-year.

Northern Ireland has seen rents rise 4.3%, while the East Midlands (3.9%) and West Midlands (2.5%) also saw healthy growth.

Elsewhere, the South West (1.9%), East of England (1.2%), North West (1.2%), Greater London (1.1%), Yorkshire & Humberside (0.6%), North East (0.4%) and South East (0.3%) all saw rental price gains.

Wales was the only region to see rents fall on an annual basis – down 1.5% year-on-year.

The past few months have seen a number of buy-to-let investors sell up as a result of punitive measures introduced by the government, thus reducing rental stock and placing upward pressure on rents.

Rental values are expected to continue their upward trend across the UK over the next 12 months, which is bad news for Britain’s growing number of renters.

Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!