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Rental Property Prices
The price of renting properties in London is now more than double the average for the rest of the UK, the latest published figures from Gumtree have shown. Earlier this week (January 28th) it was reported that the average rental price in the UK climbed to some £763 in 2013, but Gumtree showed that parts of London now have mean costs more than twice this. On average, tenants are being asked to pay £1,516, for example, in order to rent, with the price for a two-bedroom flat even higher at an average of £1,605.Gumtree reports that this is double the average seen in the rest of the UK when London is removed - a figure that currently stands at £665. The company looked at the available figures between October of 2012 and December last year and concluded that the best value able to be found for rental properties in the UK is in Antrim, Northern Ireland, and Lanarkshire in Scotland, with tenants charged £553 and £561 respectively.However, even though the fact prices in London are far more expensive suggests that demand is far in excess of that found anywhere else in the country, Gumtree suggested that this might not actually be the case. The company said that in terms of replies to posted listings, the Grassmarket in Edinburgh was most popular with 25. Bristol, Glasgow and Newington, also in Edinburgh, all made the list of the most popular areas in the UK.In addition to prices, Gumtree reported that asking prices have been increasing at their fastest pace in years. The largest increases in what private landlords were looking to bring in could be found in Dundee, where they went up by as much as 13 per cent. In Swansea, asking prices also went up by 11 per cent, while they fell by as much as 24 per cent in Cumbria.
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*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.