Rents pick up in July

The latest data from HomeLet has revealed that the average monthly rent in the UK now stands at £937 a month after a 1.3% rise during July.

Related topics:  Landlords
Warren Lewis
14th August 2018
Landlord rent hand 3
"The dwindling lack of rental properties available to meet the overwhelming demand is pushing rents higher and higher"

HomeLet found that in the capital, average rents increased by 3.3% during July this year compared to July 2017; the average monthly rent in the capital now stands at £1,615 a month. Rents rose in 8 of the 12 UK regions covered in the research

Adam Male, Director of Lettings at Urban.co.uk, commented: “Government efforts to remedy the current housing crisis have been few and far between but it seems that their sustained attack on the buy-to-let market is having the desired results in forcing many landlords to sell up.

While this is freeing up stock for those in a position to buy, the dwindling lack of rental properties available to meet the overwhelming demand is pushing rents higher and higher.

As a result, those aspirational buyers currently struggling to make it out of the rental sector are seeing yet more of their monthly income being eaten up by rent while the wider cost of living is also increasing, but the money they’re making is remaining largely static. The reality of this is that the contribution to their mortgage deposit pot is growing smaller and a life outside of the rental market is looking increasingly less likely.

Homeownership is the dream for us all, but more must be done to ensure the rental sector remains healthy and benefits both tenants and landlords to avoid it spiralling out of control.”

More like this
Latest from Financial Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 20,000 landlords and property specialists and keep up-to-date with industry news and upcoming events via our newsletter.