19th
Oct 2021
According to a lettings agent the average annual rental growth across the whole of the UK has topped 8 per cent in September, making it the third fastest annual rate of growth logged this year.
Areas in the South of England have sustained the continuous upward rental growth.
In the South West the average rent for a new home has shot up by 14.8 per cent, the South East is just behind at 14.7 per cent with the East of England coming in at 10.8 per cent.
September also highlighted that it is now the sixth successive month where double figures in annual rental growth were reached in the South West.
The capital’s rents have now started to improve despite Inner London’s annual rent figures continuing to fall for the 20th successive month. However in September its figure for the annual rent fall was recorded at 4.4 per cent which is the smallest drop this year; when the market reached its lowest point in April Inner London’s annual rent decrease was 22.1 per cent.
Outer London fared far better as annual rental growth increased by 3.2 per cent in September and is the 13th consecutive month that rents had risen. Overall Greater London rental growth rose by 1.8 per cent year on year.
The head of research for the lettings agency, said: “While rental growth rates typically peak over the summer months, this year they have continued to rise into the autumn.
“This means average monthly rents have passed £1,100 for the first time nationally, led by big increases on larger homes.
“The average four-bed home now costs 120 per cent more than a one-bed, up from 95 per cent pre-pandemic. While we are expecting this growth to moderate in the final few months of the year, it is likely 2021 will mark some of the fastest rates of rental growth in a generation.”
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