Rent prices go up again but rises are slower

Caitlin Morrison
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RENTS are still rising at double-figure rates on an annual basis, and are now 10.5 per cent higher than a year ago, according to the latest HomeLet rental index, out today.

The average rent on a new tenancy in Greater London reached £1,558 per month during the three months to August, up from £1,440 in the three months to August 2014.

However, the data also reveals that rent price rises slowed in every region of the UK over the three months to August, and in some areas retracted over the period compared to the previous three months.

This trend was “particularly marked in areas where rents have been rising exceptionally quickly this year, notably the south east of England and East Anglia”, HomeLet said.

“Broadly we are continuing to see a robust rental market with rent prices continuing to rise. This picture is consistent right across the UK with only one or two exceptions,” said Martin Totty, boss of Barbon Insurance Group, which owns HomeLet.