Rents are Still Rising According to Homelet

by Property118.com News Team

11:13 AM, 8th August 2011
About 7 years ago

Rents are Still Rising According to Homelet

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Rents are Still Rising According to Homelet

Homelet's latest rental index show rents are still up

Rents are still trickling up, according to Homelet’s latest Rental Index for July as the average rent rose to £767 up from £750. The whole of the UK saw rents rise, with the exception of Scotland and the North West of England, with the South West seeing a rise of nearly 5% from £734 to £770.

Although the average salary has risen, the month previous saw a drop while rents continued to rise.

London again saw a hike in rent prices, rising to an average of £1,154 a month. This has further pushed distance between the comparison to the rest of the UK; London now stands at 50.5% higher than the rest of the country.

HomeLet’s Managing Director John Boyle believes times are tough for London renters- “It seems tenants in Greater London are feeling the pinch more than anywhere else in the country; not only have their average salaries dropped from £37,287 to £36,659 over the past month – but rents have also grown a further 3.5% higher than June – now standing at £1,154.

“Even when compared to the figures from July 2010, a healthy 9% rise in salaries from £34,087 is overshadowed by a crippling 11.6% increase in monthly rental costs over the same period.”

Homelet also found that retired renters are becoming more common, and there was a 16% increase in 66-70 year-old renters selling-to-rent. Younger renters are down though, Homelet found a decrease of 7% on last July’s figures.



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