Rents grow alongside sales market

Rents have risen by £11 since June, when they eclipsed the £1,000 mark.

In London average rents have soared by 10.11% year-on-year, reaching £2,376 per month. Renting in the capital is now £43 more expensive than at the beginning of July and £223 more costly than July 2013.

On a monthly basis the North East saw the greatest rent price rise, as they increased by 3.80% to total £673, while this was followed by Greater London (1.94%) and East Anglia (1.47%).

Robin King, director of Move with Us, said: “Typically if the sales market improves, the rental market falters and vice versa.

“However, any fears that the rental market would decline as the sales market sprang back to life have now been allayed. The rental market has continued to grow alongside the sales market. It’s as strong as it’s ever been.

“For once it’s not just the South that’s driving climbing asking rents as improvements have spread up to the northern regions too.

“While the North West was the only region where the average asking rent declined in a yearly comparison, we expect to see asking rents in this region increasing in the coming months.”

North Western rents declined by 1.43% year-on-year to £625 per month, although they still rose by 1.00% from June.

The South East of England also saw a marked increase, as year-on-year rents rose by 8.07% per month to £1,245, a £90 upsurge.