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UK rents increase to £824 per month

Posted on 2014-04-11

The average cost of renting a home in the UK increased by 0.8% during March to £824 per month. This is 6.5% higher than last year - and the largest annual increase since March 2011.

Other headlines from the March 2014 HomeLet Rental Index show:

  • Although Greater London saw a 0.2% monthly decrease in average rents, the average cost of renting a home in the capital is 7.3% higher than the same time last year
  • Only four of the UK’s regions saw monthly increases in average rental amounts
  • The average amount a tenant earns in the UK increased by 6.2% during the past 12 months to £29,000
  • The North East’s monthly and annual decreases of 2% and 16.6% respectively to £492 per month, means average rental amounts are at their lowest since January 2010 
  • Wales and the West Midlands were home to three consecutive monthly decreases in average rental amounts to £580 and £592 per month respectively. Both amounts are also the lowest since October 2013  

You can view a summary of this month’s report – which focuses on quarterly rental amounts within the boroughs of Greater London - by visiting the HomeLet Rental Index pages of our website.

Here you’ll also see the report got a brand new look. It’s been redesigned as part of our new website and logo launch - we hope you agree...it looks great!

The HomeLet Rental Index is a fantastic tool for you - and an interesting read for your landlords and tenants. We reference more tenants than any other provider, so the data is not only up-to-date, but also extremely comprehensive and robust.

It’s now also one of the most highly regarded reports on the private rented sector – with this month’s HomeLet Rental Index already featuring on BBC Breakfast and BBC London as part of reports on the UK’s rental market.

If you would like to receive a copy of the full report every month, just email our Marketing team.

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