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Ever increasing rent prices

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The average rent price increased by 8.7% throughout the UK on an annual basis in March, shows new data from HomeLet.

This gives an average rent price of £1,078 per month – a 0.8% increase on February.

Excluding London, the yearly rise comes to 7.4% and the average rent bill to £910 a month.

On a regional basis, the biggest yearly rise took place in Scotland, at 12.9%, HomeLet says, where the average rent is now £770 a month.

This was followed by Greater London, at 11.6% and £1,770, respectively, and the North West, at 10.5% and £871, respectively.

The East Midlands saw the lowest annual rise occur in March, although this still came to 4.3% and left the average monthly rent in the area at £749.

HomeLet says its figures are based on actual rents achieved rather than just those that are advertised.

HomeLet & Let Alliance chief executive officer Andy Halstead says: “Demand will continue to outstrip supply, and when that is the case, rent prices will surely continue to grow.

With rent prices continuing on an upward trend, why not think about buying your own property, it could be easier and cheaper than you think. Contact Asset Harbour today on 01276 986333 to see how easy it would be for you to buy your own property and get away from the spiraling rent prices.