Breaking: Rent rises continue as property shortage bites

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Latest rental index shows rents up by 1.2% over the past year across the UK, but by much more in several regions.

Rents are still
rising across the UK with the average tenancy costing £955 a month, up 1.6% in
the last year.

Nine of the 12 regions monitored by HomeLet
showed an increase in rental values between February 2019 and February 2020,
with two of those regions seeing a rise of more than 5%.

The North-West has
seen the largest jump, with renters there now
having to fork out £755 a month, up 6.8%.

The new HomeLet
Rental Index figures – which analyse brand new tenancies signed in February – show average rents in London are now a
whopping £1,650, up by 3.2% on last year, although South-East rents have bucked the national trend,
falling by 2.7% to £1,018 in the same period.

ARLA Propertymark recently
warned that a rise in rents was inevitable as fewer properties are available
for long-term rent, partly because thousands of landlords faced with burdensome regulations are quitting the private rented sector to offer short-term lets instead. 

Its survey of 1,000 landlords found that 2.7%
had moved from having long-term tenants; it says if this was applied across the
country, it would equate to 46,000 properties being made unavailable for local
people looking for a home.

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