Rents up again – fourth increase in four months

7 April 2021 | Renting

Rents up again - fourth increase in four months

Average rents across the UK have risen for the fourth time in as many months according to the HomeLet index.

Typical rent is now £992 per month – and when London is excluded, it’s  £847. 

Nine of the 12 regions monitored by HomeLet  show a monthly rise – the largest is in Northern Ireland, up 2.9 per cent between the end of February and the end of March. 

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However, rents in London continue to fall year on year, showing a two per cent drop between March 2020 and March 2021.

Commenting on the latest data, Andy Halstead, HomeLet and Let Alliance chief executive, says:  ”Property professionals know that the private rented sector works best when there’s balance. Ultimately landlords want good tenants, and tenants want a quality property at an affordable price. 

“With almost one in five people living in the private rented sector, it’s fitting that the government should focus on it, with an informed policy that strives to achieve a balance between letting agents, landlords and their tenants, but unfortunately that isn’t the case at the moment. 

“The continued increase in rents above the rate of inflation is a symptom of current policy.   

“Property is a long-term investment, and the narrative that landlords and letting agents are driving up rental costs simply isn’t true. Professional letting agents and landlords welcome initiatives that improve standards in the sector.

“Still, the continued assault on landlords through policies that disincentivises property investment will only drive rental value upwards for tenants.

“Whilst tenants may aspire to homeownership in the long term, the private rented sector will always play a vital role in the mobility of the nation and the overall housing supply chain. As demand increases, the UK needs more rental stock for tenants, not less and without policy informed fully by property professionals, rents will rocket to record levels this summer.” 

  

This post has originally been featured in Letting Agent Today.