The average rent in Great Britain has increased by an average of £16 in the year to January, reaching £987 per month, and is predicted to pass the £1,000 mark before the end of the year.
At the start of the year Scotland saw the greatest increase in rents, even ahead of London, with a rise of £16, or 1.63 per cent. The average rent in the region now stands at £676 per month.
Average advertised rents in Greater London rose by £13 (0.61 per cent) to £2,221 per month in January, a strong performance which significantly contributed to the overall national increase. Asking rents in the capital remain the most expensive in the country and are almost double those in the second highest performing region, the South East, where the average asking rent currently sits at £1,138 per month.
Landlords in Scotland, East Anglia and the South East are letting in the strongest performing regions when measured against January 2013 with increases in advertised rents of £24 (3.57 per cent), £30 (3.45 per cent) and £24 (2.17 per cent) per month respectively.
| Region | Advertised rent | Monthly
change % |
Annual change % |
| East Anglia | £902 | 0.81 | 3.45 |
| East Midlands | £653 | 0.58 | 2.79 |
| Greater London | £2,221 | 0.61 | 1.25 |
| North East | £695 | -1.77 | -0.22 |
| North West | £639 | 1.59 | -1.18 |
| Scotland | £676 | 2.35 | 3.57 |
| South East | £1,138 | 1.36 | 2.17 |
| South West | £821 | 0.24 | 1.15 |
| Wales | £679 | -0.98 | 1.14 |
| West Midlands | £672 | 0.68 | 2.11 |
| Yorkshire & Humber | £629 | 0.52 | 2.16 |
| Great Britain | £987 | 0.77 | 1.63 |
Robin King, Director of Move with Us commented: “London continues to operate in its own bubble and asking rents are on the rise again following declines. It is likely that the current increase in average asking rents is a sign of further increases to come as the population growth in Greater London carries on. Figures from the Office for National Statistics put the population of the capital in excess of 8.17 million people, over one million people more than 10 years ago. With the number of new homes being built not keeping pace with the rising population, competition for rental properties is becoming fiercer, pushing rental prices up.
“Although increasing rental prices in most regions in Britain is great news for landlords, it’s not such good news for prospective tenants. Anyone looking to rent will be able to secure a more affordable rental price by acting sooner rather than later as rental prices look set to rise in the coming months.”
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