Rents rising across UK as London breaks £1,500 pcm barrier

Rents rising across UK as London breaks £1,500 pcm barrier

Rents have risen in all parts of the UK in the past three months with Greater London average rents now exceeding £1,500 for the first time.

That’s the news from HomeLet’s quarterly rental index, which shows that with Greater London taken out of the equation, average UK rents for new tenancies are now £738 pcm. 

HomeLet says rents agreed on new tenancies across the UK in the three months to the end of May 2015 were 10.7 per cent higher than the same time last year, with the average now standing at £935 per month (£738 excluding Greater London).

The south west of England saw the largest increases, with average rent prices 13.6 per cent higher than a year ago. Scotland (9.6 per cent), the south east of England (9.4 per cent) and Greater London (9.2 per cent) also advanced strongly.

In Greater London, the average rent now stands at £1,472 for the three months to May 2015, however, when looking solely at new tenancies agreed in the month of May, the average rent has exceeded £1,500 for the first time, at £1,506 per month.

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