RENTS EASE SLOWLY UP TO REACH ALL TIME RECORD HIGH AS PEAK LETTINGS SEASON APPROACHES
- All-time record of £761 per month for average residential rents across England & Wales
- Monthly rental growth of 1.1% takes annual rent rises to 2.4% over the last twelve months
- Tenant finances see minor set-back with 8.0% of all rent in arrears, up 0.2% since August 2013
- Price rises take landlord returns to 12.7%, before mortgage payments and maintenance costs
Rents have eased slowly up to reach an all-time record high as the rental market approaches its autumn peak, according to the latest Buy-to-Let Index from the UK’s largest lettings agent networks, Your Move.
The average residential rent across England and Wales is now £761 per month. This is £3 higher than the previous record £758 set in October 2013.
On a monthly basis August rents are on average 1.1% higher than was seen in July – or an increase of £8.
This leaves monthly rents 2.4% higher than a year ago, when in August 2013 average monthly rents previously stood at £743. In absolute terms this annual growth represents an increase of £15.
David Newnes, Director of Your Move, comments: “Autumn is when more people move to take up new opportunities, to build new careers and to start new chapters. That is what the rental market is all about for many people by providing flexibility and it’s what it does well – at a cost that’s risen in line with inflation for at least half a decade.
“No year is the same, and already 2014 has been like no other. The reawakening of mortgage lending startled the property market into a new spring of life earlier in the year. The benefits have been felt across the board, not just for first-time buyers but for tenants too. Investment means rents are now only 1% higher in real terms than at the start of 2010."