Taylor Scott International News
The South East of England, East Anglia and Scotland have seen advertised residential rents reach record highs in the third quarter of 2014, according to the latest published index. Overall across the UK, advertised rents increased by £66 per month in a yearly comparison to reach £1,034 per month, the data from Move With Us shows. In the South East and East Anglia they reached the highest recorded levels in at £1,254 and £947 per month, increasing by £18 and £11 each month respectively and Scotland also continued to be a strong performing region, with average rents hitting record levels of £727 per month. The firm said that, as with the second quarter of the year, the average national rent has been significantly influenced by a burgeoning London market. The average advertised rent in London increased by £118 in the quarter to reach £2,452 per month, some £230 higher than it was during the same period in 2013. In northern regions of England, however, rents have fallen gradually across the board with Yorkshire and Humber seeing price reductions of over £20 per month. ‘There is a stark contrast between the South and North of England as the divide between the cost of renting increases,’ said Robin King, director of Move With Us. For example, in Yorkshire and Humber the average rent is only £4 per month higher in a yearly comparison but in the South East this figure is significantly higher at £112 per month. North of the border, in Scotland, landlords have benefited from a significant rise in the average advertised rental price. ‘Annual growth is always good news for landlords but those in regions where we are not seeing huge amounts of growth shouldn’t be too concerned as we approach the end of the year. January is likely to bring a new influx of potential renters to the market who are looking to move in the New Year,’ he added. A regional breakdown shows that the average rental price in London is more expensive than in the summer high of 2012 when the London Olympics artificially inflated asking rents. Rents are continuing on an upward trajectory which is likely to continue into 2015. The quarter ended with the average advertised rent at £2,452 per month. Average rents in the South West have grown steadily throughout 2014, however, rents have fluctuated week to week while never falling below an average of £800 per month. In the third quarter the market improved marginally in July before dipping £3 or 0.4% in August and September. The average advertised rent is the region is £33 or 4.28% up in a yearly comparison at £813 per month. While the average rent seems set to continue to grow over the next year, it’s likely that minor fluctuations will persist, according to the index report. The South East is the strongest performing region outside of London and the average advertised rents have grown steadily over the past two years. In the last year, rents have… Continue reading →
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