London Rents Push Average UK Rents to Record High

22 August 2012 Categories: News

London Rents Push Average UK Rents to Record High

It was reported here yesterday that the average UK rent had hit an all-time high of £725, but after further investigation it seems that this figure may in fact be misleading. The news comes after this month’s HomeLet Rental Index showed average rents in London to have increased 8.3% over the last twelve months, bringing them up to £1260 per month and the highest they have ever been. In fact the average rent in London now stands 85% higher than that of the rest of England and Wales.

If the figures for London, and in particular Greater London where the average rent has increased by 13.3% over the last year, are discarded it seems that rents in the rest of the UK have remained stable or even decreased slightly since July of last year – a factor definitely to be considered by anyone looking to invest further in the market.

Managing director of HomeLet, Ian Fraser, commented on the results of their most recent rental index saying, “Costs do generally increase and peak over the summer months, which appears to be happening this year. If 2012 follows this trend, then in September, renting a home in the Capital will be more than double anywhere else in the UK.”