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UK Average Residential Rents Continue Ascent

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United Kingdom  Buy to Let  Rental Prices  London  Stephen Nation  Sequence Group 

UK Average Residential Rents Continue Ascent

By - Friday 25 October 2013

Property investment opportunities for landlords in the UK remain plentiful and as average rents continue their upwards path, the sector will only become more attractive. The latest Sequence Group index showed average rents in Britain now stand at GBP 781, growing 11 per cent annually and overtaking the record level recorded in August. This has coincided with a jump in new agreed tenancies, which are up five per cent month-on-month and seven per cent annually - a three year high.

Growth is most robust in London, where average rents increased seven per cent annually to GBP 1,456. Tenant demand also rose in September by one per cent over the month. There are now five applicants per property in the capital and the supply of rental homes is declining. Indeed, the amount of new stock coming onto the rental market dropped five per cent in London last month. This is a situation replicated across the rest of the UK, where supply dropped four per cent.

Stephen Nation, head of lettings at the 300 branch Sequence Group, said: "As the sales market ignites the rental market continues to grow. The flexibility of renting remains attractive to tenants although we are noticing that renters are looking for more security in this fiercely competitive market. This has pushed the average length of tenancies from 12 to 19 months."

This capitalises on the gains made during August, where rents increased by four per cent to hit GBP 779. This was the highest sum recorded in 11 years and represented an 11 per cent rise year-on-year. London saw demand intensify too, with the number of tenants increasing by five per cent during the month. To capitalise on conditions across the country, more landlords also chose to enter the fray and in August buy-to-let mortgages grew by 31 per cent year-on-year. This figure increased even further in September, with 46 per cent annual growth recorded in the number of applications made to lenders by landlords.

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