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Renting In London 200% More Than Rest Of Britain

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The average cost of renting a property in Britain increased by £7 in October, according to figures from Move With Us, with advertised rents in London rising but still £42 down on last year. However, the monthly increase of 1.47% in average rents means that the capital is still around 209% more expensive than the rest of the country.

Robin King, Director of Move with Us, said: “The surprise for October has been the sudden growth of approximately £25 in the average rents in the East Midlands, North East and Wales. All three of these regions performed unimpressively over recent months and these unexpected peaks mean that the markets are expected to finish the year much closer to the advertised rents of October 2012, and in the case of the East Midlands, outperforming this level.”

Meanwhile, LSL Property Services reports that tenant arrears are at their lowest since 2008. It estimates average rents across England and Wales rose to £758 per month in October while the number of new tenancies agreed across England and Wales increased by 7.4% compared to October 2012.

David Newnes, director of LSL Property Services, said: “At a time when a seasonal slowdown would usually be expected rents are up again. The lettings market appears to be experiencing an extended Indian summer. Normally we can expect the rush of early autumn to fade into a late autumn hibernation. Even as the nights draw in, demand for homes to rent seems unabated, and still well ahead of a year ago. While buying a home is certainly getting easier, it’s the private rental market which is taking the strain for the majority of new households. With below inflation rises it is renting which is still relatively affordable in the face of struggling wage growth and rock bottom savings rates.”

The total amount of late rent across England and Wales fell by £49 million since September to £245 million. As a proportion, this represents 7.1% of all rent, down from 8.5% in September.

New seller asking prices drop by 2.4%

The average asking price of property coming onto the property market fell by 2.4% (£6,181) in November, compared to an average November fall over the last three years of 3%,

Miles Shipside, Rightmove director and housing market analyst said: “The excitement about Help to Buy’s early launch failed to buck the seasonal trend of a fall in new sellers’ average asking prices. At this time of year it’s mainly those with a more pressing need to sell that come to market, driving average asking prices down. It takes a lot to throw people off course from marketing after rather than before Christmas, and in spite of the circuit board most positive selling environment since the start of the credit-crunch in 2007, it seems potential sellers will not scratch their seven-year home-moving itch early and will be waiting until at least 2014.”

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