London rents rocket in Q3

Rents in the capital are now £230 higher than last year and are higher than the level they inflated to during the London 2012 Olympics.

Monthly rents in the South East have increased by £112 over the last year to stand at £1,254, while East Anglian rents have also soared to £948 per month.

For the whole country monthly rents have increased £66 year-on-year to reach £1,034 per month in Q3 2014.

Some areas saw rents decrease, as Yorkshire and Humber rents dropped by £20 to £593 in Q3 2014.

Robin King, director, Move with Us, said: “There is a stark contrast between the South and North of England as the divide between the cost of renting increases.

“For example, in Yorkshire and Humber the average rent is only £4 per month higher in a yearly comparison but in the South East this figure is significantly higher at £112 per month.

“Annual growth is always good news for landlords but those in regions where we are not seeing huge amounts of growth shouldn’t be too concerned as we approach the end of the year.

“January is likely to bring a new influx of potential renters to the market who are looking to move in the new year.”

Scotland’s rents have increased by £67 year-on-year to £727 per month, while Welsh rents have remained steady at £658 a month.

In the South West rents dipped by 0.4% (£3) in August and September to stand at £813 per month, while in the East Midlands they increased by 1.18% (£7) in Q3 2014 to stand at £642 per month.

In Q3 2014 West Midlands rents declined by 1.70% (£11) to £681 per month, North Western rents decreased by £8 to £610 and North Eastern rents dropped by £3 to £646.