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News: UK private rented sector stabilises

Thu, 22 May 14

The rental market stabilised in April following successive periods of growth across the country, according to new figures from Move with Us. The average advertised rent in Britain stood at £994 per month at the end of the month. This is not necessarily an indication of a weakening market but more likely a tempering of the growing rents of the last 12 months.

Scotland, the South East and the West Midlands were the only three regions that experienced an increase in average asking rents this month. This was welcome news for landlords. Countering this growth, rental prices stabilised in most regions in April, however the market was up £27 (2.81 per cent) in a yearly comparison.

The strongest performing region in April was the South East. Rents increased by £19, equivalent to 1.71 per cent and the 12 month comparison shows the market’s average advertised rent outstripped last year’s by £79 (7.13 per cent). The average asking rent has grown since the start of the year, following a relatively steady 2013. The average rent in the region peaked at £1,191 per month, the highest advertised rent recorded since the inception of the estate agency’s Rental Index. This reinforces its position as the most prominent market outside of the Capital.

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