Landlords in Wales and Yorkshire will be experiencing a cash windfall with the latest figures from property services company, Move With Us, suggesting that rents have risen by £1,000 a year on average.
While landlords will be raking in an extra £1,000 over the course of 12 months, tenants will find themselves significantly worse off. With property prices also rising in most UK regions this month, the prospects remain bleak for those hoping to make the step into home ownership may find that they will need to save harder for a deposit or risk having to pay extra to rent in the long term.
The average advertised rent in Yorkshire and Humber increased by £89 a month and in Wales it was £85 which took total rent payments to between £683 and £744 a month. The increase is unlikely to be popular with cash-strapped tenants who will need to part with the equivalent cost of a week’s food shopping to maintain a roof over their heads.
Fortunately, even with the increase in rents, Wales and Yorkshire and Humber are still among the cheapest places to rent in the UK. In some parts of the UK it now costs nearly four times as much to rent a property. Average rents in Greater London now stand at £2,463 a month followed by the South East at £1,201 a month.
Simon King, Director of Move with Us, said: “Advertised rents in the South are stabilising after a period of growth and rises in asking rents have moved up North. Following in the South’s footsteps we anticipate increases for most northern regions in 2015 which will eventually stabilise at a new, higher rate.
“Greater London’s rate of growth has slowed, which we’re sure is welcome news for tenants in the capital. Further increases in asking rents are expected in the capital as the market will continue to grow but it’s likely they will be steady and more moderate.”
The UK’s Top Regions For Rent Rises:
Yorkshire & Humber
Average advertised rents increased by 15.75% in three months during 2014. This was a record for the UK.
Average advertised rents increased by 13.82%. Wales saw the second largest increase in advertised rents in Q4 2014. The positive trend is set to continue in 2015.
Q4 2014 saw average advertised rents rise 9.06%. Asking rents have fluctuated throughout the year and the region often experiences spikes before rents fall.
Average advertised rent in the East Midlands increased by 7.18%. Despite the increase, the East Midlands remains one of the cheapest places to rent in the UK.
Average advertised rents increased 6.56% in 2014, however there are signs that rents were falling in December due to seasonal fluctuations.
Posted on: January 21, 2015