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TODAY'S OTHER NEWS

Misery for tenants as rents rise again

Rental prices increased by 1.2% in February compared to the corresponding month a year earlier, the latest HomeLet Rental Index shows.

The average rent agreed on a new tenancy signed in February was £906 per calendar month (pcm),  according to figures from the insurance company.

When London is excluded, the average UK rental value was £758pcm in February, which is up 1.6% on last year.

On an annualised basis, rents rose in almost all regions of the UK covered by the research, led by gains in Scotland where rents are up 5.5% year-on-year.

Northern Ireland has seen rents rise 4.3%, while the East Midlands (3.9%) and West Midlands (2.5%) also saw healthy growth.

Elsewhere, the South West (1.9%), East of England (1.2%), North West (1.2%), Greater London (1.1%), Yorkshire & Humberside (0.6%), North East (0.4%) and South East (0.3%) all saw rental price gains.

Wales was the only region to see rents fall on an annual basis – down 1.5% year-on-year.

The past few months have seen a number of buy-to-let investors sell up as a result of punitive measures introduced by the government, thus reducing rental stock and placing upward pressure on rents.

Rental values are expected to continue their upward trend across the UK over the next 12 months, which is bad news for Britain’s growing number of renters.

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  • G romit

    1.2% pa - you ain't seen nothing yet.
    As George Osborne's s.24 starts to bite expect 20-30% over the next 3 years, all of which to go into Treasury coffers.

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    If a tenant is unable to afford a 1.2% rent increase then said tenant should mover to a cheaper property or area. I think the headline is as on many occassions a bit overstated. The increase that Barryin W suggests is stupid. Rents may rise but not to that extent unless we get raging inflation and that is about unlikely as a 20-30% rent increase.
    As you were.

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    as the government makes life more difficult and more expensive for us rents will increase as a result, it's the same as in any business it's the end user that picks up the tab

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