15 Aug

Rental prices in the UK at two-year peak

Rental prices in the UK at two-year peak

Prices for renting property in the UK have hit a two-year high as a new demographic pushes prices ever higher.

According to reports released by Countrywide, the cost of renting at the current time has now hit an average of £866, a 1.4 per cent increase in July alone.

However, while one and two bedroom homes have always been a main driver, thanks to the fact they are the havens of young couples and single professionals, this changed in July.

The cost of renting four bedroom homes rose by 3.8 per cent in the month alone, showing that there are now more families than ever keeping the demand for larger private rented homes high.

Nick Dunning, group director with Countrywide, said: "Rental values are being underpinned by the increasing number of people living in the private rented sector and rents are likely to continue rising unless supply and demand becomes more aligned."ADNFCR-1222-ID-801625661-ADNFCR

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