As we enter the busiest quarter of the year for the rental market, average UK rents continue to rise and agents remain optimistic, expecting a rental growth of three percent over the next 12 months.
The average rent in the UK is now £952 per month, up seven percent on a year ago. Premium rents are £3,006 per month, a 1.7 percent increase on a year ago. The premium rental threshold is currently £2,275, with the South West experiencing the largest annual increase in premium rent at 13.4 percent, followed by Yorkshire and the Humber (6.9 percent) and the South East (5.2 percent). As we enter the busiest quarter of the year for the rental market, tenant demand remains firm, with the latest net balance of +48 percent in May. Over the next twelve months, agents anticipate around three percent growth in average rents (RICS).
On average, renters stay 18 months in their rental homes. This is six months longer than the average 12-month lease length that they sign up for. Older renters are likely to stay in their rental homes for longer and there is a steady upward trend in tenancy-length by age bracket. People in their 40s stay twice as long as those in their 20s. Renters moving from London and the East of England, on average, live the longest in their rental homes at just over 20 months. Scottish renters, on the other hand, average 16 months in a tenancy, the shortest length of time.
If you are looking to make the most of your rental property investment or find a new investment, get in touch with your local Fine & Country agent today. Fine & Country Lettings offer a range of services and prime industry knowledge and experience to manage your investment and lend advice.
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