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The latest HomeLet Rental index has shown that landlords in Greater London are charging 50% more than the rest of the country.
The month on month index has also found an increase in younger renters, the opposite to last month. No age range saw an increase in renters except those under the age of 25. Nationally, the renter average age of renters has also continued to drop.
HomeLet Managing Director John Boyle believes this is good news for landlords. “This average is being driven by a lower volume of older tenants moving property during the summer months. We’re also seeing an increase in the number of 22–25 year old tenants. This is very positive for the lettings industry as this age group traditionally holds shorter tenancy terms and therefore moves more frequently.”
Rents are fluctuating throughout the country, but every region bar the East of England has seen an annual rise. Greater London’s rent rise has been the highest of the country, with June 2011’s rent of £1,125 being 12.05% higher than 2010.
The HomeLet Index advertises itself as different to the others in the market as it works off the agreed rents rather than that advertised.
Heidi Abbott, HomeLet’s Sales, Operations and Marketing Director said “Over the last year as rents have remained high, younger ‘first-time renters’ with lower incomes have been staying at home longer because they can’t afford to rent, which is similar to the situation we’ve seen in the sales market over the past few years. We’re also seeing more tenants in the 26–45 age brackets staying in the PRS because they’re not moving to the sales market as first-time buyers.”
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