Newly let property rents up in the UK while others remain stable

Taylor Scott International News

Rents in the UK remain stable for renewed and occupied tenancies but continue to increase for newly let properties in the first quarter of 2015, according to the latest rental index. Overall average rents for newly let properties increased 4.5% in the quarter to £894 per calendar month, up from £853 in the fourth quarter of 2014. Arrears continue to decrease in England, Scotland and Wales, a sign that household income is less stretched than a year ago, the index from Countrywide also shows. A breakdown of the figures shows that average rents increase for one and two bedroom properties in the first three months of the year, up 0.8% and 0.4% respectively compared to the previous quarter to £730 and £817. Three and four plus bedroom properties saw rents remain stable with just a 0.1% decrease to £939 and £1,435 per calendar month respectively. However, when looking at March 2015 compared to February 2015 rent increased for three and four bedroom properties by 1.6% and 16.4%. Two bedroom properties see no change in average monthly rent and one bedroom properties a 1.4% decrease. The average monthly rent in the quarter decreased in over half of UK regions, with the greatest decrease in the South East of England, down 1.9% compared to the fourth quarter of 2014 to £1,097. Average rents remain unchanged in the North but increased in central London, up 3.1% to £2,561. Month on month, rents increased in the majority of regions, with the South East seeing the greatest increase, up 14.8% in March compared to February. Average rent decreased the greatest in central London, down 4.4%. The average UK rent for renewed tenancies in March is £848 per calendar month, an increase of 0.8% month on month and 2.3% year on year. By property size, increases and decreases in average monthly rent for renewed tenancies remained relatively unchanged in March when compared to February, apart from one bedroom properties which saw a 4.3% increase. Two bedroom properties see a 0.6% increase, three bedroom properties see a 0.6% decrease, whilst for four plus bedroom properties the average rent remains unchanged. The only region to see a decrease in rents in March was central London, down 2.3% on February to £2,485. All other regions saw no change or an increase in rents, with Wales seeing the greatest increase, up 13% to £654. Year on year, the East of England is the only region to see a decrease in rents, down 0.9% in March 2015 compared to March 2014. The average rent for all occupied rental properties is £840 per calendar month, an increase of 0.2% month on month and 2.4% year on year. By property size, rents for occupied rental properties see marginal changes in rents month on month, with one, two and three bedroom properties seeing an increase of 0.7% 0.3% and 0.2% to £693, £773 and £879 respectively. Four plus bedroom properties see a small decrease of just 0.1%… Continue reading →

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