Average rents up as lack of supply bites

New analysis from Countrywide plc has shown an increase in the average UK rent for newly let properties.  In January, there was an increase of 2.8% year-on-year in the average rent for newly let properties in the UK bringing the monthly rent now to £883pcm.

The average UK rent for renewed tenancies is now £835pcm, with the majority of UK regions seeing an increase in rent for renewed tenancies in January 2015.  Scotland saw the greatest increase up 5% year-on-year to £634pcm, followed by Greater London with a 4.7% increase to £1,110pcm and the Midlands with a 3% increase to £622pcm. Some regions did see a decrease in rent year-on-year with the North of England down 1.2% to £599pcm, followed by Wales down 0.7% to £592pcm and the South East down 0.5% to £1,010pcm.

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