Average rent 'to top £1,000 in 2014'

by Daniel Jones

Tenants can expect rent increases again this year, with the average monthly cost predicted to surpass £1,000 for the first time.

New data from Move With Us has found that the rental market increased by 1.63 per cent in the year to January, meaning the average rent stood at £987 per month by the start of this year. This puts it on track to top £1,000 at some point in 2014.

Greater London is unsurprisingly at the top of the standings when it comes to the most expensive places to live, with the typical monthly rent in the capital recorded as £2,221 in January, up by 0.61 per cent.

The south-east is the second most expensive part of the UK in which to rent a home, but it's still around half the price of London at £1,138 per month.

Between January 2013 and the same month this year, landlords in Scotland enjoyed the largest rise in percentage terms, with their rents being hiked by 3.57 per cent in the 12 months in question. This took the average monthly sum to £676 north of the border.

Meanwhile, those in East Anglia and the south-east also enjoyed particularly strong results when it came to increasing their income.

Robin King, a director at Move With Us, said: "Although increasing rental prices in most regions in Britain is great news for landlords, it's not such good news for prospective tenants. Anyone looking to rent will be able to secure a more affordable rental price by acting sooner rather than later as rental prices look set to rise in the coming months."

While many landlords enjoyed rises in their rental income in the year to January, there were slight falls in Wales and the north-east, where rents declined by 0.98 per cent and 1.77 per cent respectively.

Published on: February 20, 2014

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Solicitor-approved rent increase notice for landlords to raise rent. Also known as a Section 13 Notice.

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