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City Am On London Rents - Hello Left Hand, This Is Right Hand

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It was a turbulent 4 hours and 58 minutes in London according to the headlines


London property prices: London rents rocketing as estate agent warns the only way is up

16 October 2015 12:03am

http://www.cityam.com/226627/uk-house-prices-london-rents-actually-fell-in-the-last-quarter-but-they-are-still-higher-than-this-time-last-yearUK house prices: London rents actually fell in the last quarter (but they are still higher than this time last year)

16 October 2015 5:01am

Edited by pipllman

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Inflation may have dipped into minus figures, but rents have leapt by an average of between 6.3% and 8.5% over the past year, according to two reports, highlighting the dramatic extent to which the cost of a place to live has uncoupled from the cost of living.

The average rent paid by private tenants in England and Wales reached a record high of £816 per month in September, compared with £768 a year earlier, said letting agents Your Move and Reeds Rains. Meanwhile, the latest official inflation figures showed UK prices were 0.1% lower than this time last year.

Another study by the lettings insurance company HomeLet said the average UK rent had increased by £78 in a year to just a few pounds shy of £1,000. A third, by the insurer Direct Line for Business, claimed three areas of the country – Manchester, Newcastle and the London borough of Westminster – notched up average rent increases of more than 20% in 2014.

According to HomeLet, the average UK rent for a new tenancy during the three months to September was £995 per month. This is 8.5% higher than the figure of £917 a year earlier. The typical rent paid in Greater London is a lot higher: £1,555.

Meanwhile, a new analysis of private rents in England by Direct Line for Business found that 11% of areas saw double-digit increases during 2014, with the average rise put at 6.7%. Westminster topped the table with a 28% rise, followed by Manchester (22%), Newcastle upon Tyne (21%) and the London borough of Camden (19%). However, there were falls in average rents in some areas, including the Chiltern district council area of Buckinghamshire (down 11%) and Exeter (down 8%).


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