South West and Scotland lead on rent rises

Rents rose faster in the South West of England and Scotland than anywhere else in the UK over the three months to July 2015, according to the latest index from HomeLet. The average rent for new tenancies over the report period was £977 per month or £761 per month with Greater London excluded. A new tenancy in London now commands an average rent of £1,538 per month, which is 9.5% higher than a year ago. Three regions of the UK have seen rent prices rise faster than those of Greater London, namely the South West of England, Scotland and the South East of England. Over the coming months analysts will be keen to see if changes to buy to let mortgage interest tax relief, coupled with anticipated rises in interest rates will constrain the supply of rental properties and thereby push rental values higher still.

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