Annual rent rises in London and the rest of the UK widens

According to data from the HomeLet Rental Index, rents were up 7.5% year on year in London and 3.5% in the rest of the UK in the third quarter of the year.  On average London tenants paid £1,560 per calendar month, which is over £800 more per month that the rest of the UK and for the second month in a row rents are now rising most quickly in Scotland, up by 9%.

The October index report also includes new research into tenants’ views about the rental market which reveals that a large proportion of tenants are renting their homes for the long term, 64% said that they planned to continue renting for a year or longer and 90% said they were happy with their landlord. However 71% would prefer to buy a home with 66% believing that saving for a deposit is the biggest barrier preventing them from doing so.

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