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News: UK rents are stabilising

Sat, 16 Nov 13

UK rents are stabilising, according to new research from HomeLet. The group’s latest rental index shows that the average cost of renting a British home is currently £915, 4.6 per cent lower than the previous month.

Despite the immediate dip, though, rents are historically stable. Indeed, from October 2010 to October this year, average UK rents have risen by an increasingly smaller amount every years: 4.8 per cent in 2011, 3.1 per cent in 2012 and 2.7 per cent this year.

Half of UK regions saw rates decrease annually, while three enjoyed increase of more than 2 per cent.

“Our new figures could suggest the effect of the economic downturn in 2008/2009 is beginning to reduce. Government investment in schemes, such as Help to Buy, also appears to be helping to alleviate the recent so-called  housing crisis. There’s certainly more confidence within the housing market at the moment and an increasing amount of first time buyers are now purchasing their own properties as a result of increased lending and mortgage availability,” commented Gary Abraham, sales and marketing director at HomeLet.

 

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