RENTS in the UK have risen by nearly a tenth in the past 12 months to more than £750 per month, according to new research from a lettings agent.
But London rents rose less steeply, climbing just one per cent over the past year – although the average rent in the capital remains nearly twice as high as the rest of the country.
The average rental cost in the UK reached £758 per month in January, Barnard Marcus said today, an eight per cent increase from the same period last year. The equivalent figure for London was £1,395, a fall of two per cent from December.
The number of new tenancies has also climbed with a more active property market: there were 15 per cent more new tenancies at the start of this year than in 2013, according to the study, while in London there has been a 17 per cent rise.
“Buy-to-let remains the investment of choice across the UK, with the number of new mortgage applications increasing by 17 per cent annually,” said Barnard Marcus’ Stephen Nation. “The pipeline of new investors we are seeing will continue the flow of properties onto the market and appease the demand, which should in turn, keep rents stable.”