18 Feb

UK rents on the rise

UK rents on the rise

The first month of the year has seen an increase in average rents as the UK property market continues to strengthen.

Data from Move With Us showed average rents rose by 0.77 per cent in January - making the average advertised rental equal to £987 per month and it is expected to top £1,000 before the end of 2014.

Landlords and letting agents in Greater London are likely to see strong demand, with prices rising by 0.61 per cent to an average of £2,221 in the region. This is nearly double rents seen in the second highest performing area, the south east - where rents average at £1,138.

Robin King, director of Move With Us, said: "London continues to operate in its own bubble and asking rents are on the rise again following declines. It is likely that the current increase in average asking rents is a sign of further increases to come as the population growth in Greater London carries on."

He added data from the Office for National Statistics show London's population has risen to more than 8.17 million and a lack of new homes means rents are set to reach record levels.ADNFCR-1222-ID-801694691-ADNFCR

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