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Rental prices edge up again in January says Homelet

Rental prices continued to rise in January, albeit marginally, according to the latest HomeLet Rental Index.

The average rent agreed on a new tenancy signed in January was £909 per calendar month (pcm), up from £907pcm in December, the data from the insurance firm shows.  

Rents have increased by an average of 2.4%, or £17pcm, compared to the same month a year ago; the average monthly rent stood at £892 in January 2017.

On an annualised basis, rents rose in 11 out of the 12 regions of the UK covered by the research, led by gains in Wales.  

The North East of England was the only region to see rents fall.

Recent reports from HomeLet had suggested that rents were approaching an affordability ceiling, particularly in areas of the country where rental price inflation was previously highest.

While landlords should be mindful of tenants’ ability to pay higher prices, it would appear that rental prices may yet offer room for growth in the short-term. 

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