Apr

NEW: Huge demand for rental property pushes up average rent to £993 a month

admin

Demand for rental properties reached ‘exceptional high’ levels last month pushing asking rents for new tenancies to new highs, it has been revealed.

Referencing and rent guarantee firm Homelet, which processes approximately a million tenancy applications every year, says the average rent for a tenancy in the UK is now £993 a month when London is excluded, up 0.8% on February.

Its index reveals that the average London rent is just shy of £2,000 a month and that rents are rising fastest in the North West of England.

“As every region of the country reports a month-on-month rental price rise, it’s fair to say that demand for rental properties remains exceptionally high,” says Andy Halstead (pictured), CEO of HomeLet & Let Alliance.

“It had been interesting to observe a few months of decreased prices in London, but the capital appears to have recovered from a slight dip, in line with rises across the country.

“Given the insufficient housing stock and continued rising rents, rent guarantee becomes ever more essential for landlords and letting agents.

“As a group with rent guarantees protecting £1.5 billion in annual rents, we are acutely aware of how important it is for landlords to be protected should their tenants be unable to pay their rent.

“The lack of available properties means that the market is likely to continue to be very competitive, so landlords must remain vigilant, and tenants should be aware that finding a suitable property is proving to be a tricky task for many.”

Homelet’s index also reveals that the number of suspicious or fraudulent tenancy applications has increased by 10% over the past 12 months to some 50,000 ‘red flag’ references in total.