Ever increasing rent prices

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.

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