The residential rents across the UK have gone up by 5.75 per cent annually, reported premier global property news service Property Wire, which collated data from different letting agents.
The average rent of a house in the UK is now £770. The rising rent can be attributed to the lack of availability of houses to buy in the market. Consequently, this is pushing many home-buyers to move into rental homes until such time they have saved adequate deposits for their house.
The price inflation in the property market is also prompting several prospective buyers to opt for rental home instead of buying a new home. The rents in London particularly have been climbing the fastest in the UK, as the city continues to attract people from all over the world.
Besides, investors continue to buy residential properties in London where the rental income is high. As a result, the number of houses available to rent is not growing in proportion to the demand. The rental market continues to remain under pressure.
Strawberry Star has several buy-to-let properties in London areas, such as Nine Elms / Vauxhall and Royal Docks. The rental growth in these areas are consistent, as furnished homes are in demand. If you are interested in viewing any of these properties, contact our London office.
Some areas of the South East reported slight falls in rent and other areas, such as the East Midlands and Yorkshire saw increases of over 7% year on year in the first three months of the year compared with the same period in 2016.