Pace of rising rental costs at nine-year high, figures show

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By Kevin Peachey

Cost of surviving correspondent

The outgo of renting a location roseate by 12% successful the twelvemonth to August, according to property bureau Hamptons - the highest since it started its survey successful 2014.

A emblematic monthly rent of a newly-let spot is present £1,304, it said.

The emergence successful the past 12 months was much than the summation seen implicit the 4 years to 2019, Hamptons said.

Pressure connected landlords from precocious owe rates and rising request from tenants has been pushing up rental costs.

With less properties disposable to rent successful galore areas, the mismatch betwixt proviso and request has made renting much expensive.

Last month, authoritative figures, covering existing arsenic good arsenic caller lettings, showed the rising outgo of renting was astatine its highest level since comparable records began.

Legislation going done Parliament volition prohibition tenants from being evicted without justification - a determination which landlords assertion is starring immoderate to permission the assemblage - but campaigners person said advancement made by MPs connected the caller instrumentality is slow.

Meanwhile stiff contention among tenants for a smaller excavation of rental spot is starring to rising rents.

The Hamptons probe is based connected 90,000 homes fto and managed by the wider Countrywide Group of property and lettings agents each year, adjusting for their determination and type, and covers achieved alternatively than advertised rents.

It said the mean monthly rent successful Britain had crossed the £1,300 people for the first-time successful August, little than a twelvemonth aft passing the £1,200 mark.

"Each passing period has ushered successful a caller rental marketplace record," said Aneisha Beveridge, caput of probe astatine Hamptons. "Rents person risen much successful the past 12 months than they did betwixt 2015 and 2019.

"While the existent gait of rental maturation is unsustainable agelong term, galore mortgaged landlords are being squeezed conscionable arsenic tightly arsenic tenants."

How tin you get to the beforehand of the renting queue

Agents accidental determination are immoderate elemental ways to marque it easier to unafraid a rental property, including:

  • Start searching good earlier a tenancy ends and motion up with aggregate agents
  • Have payslips, a occupation reference, and a notation from a erstwhile landlord to hand
  • Build up a narration with agents successful the area, but beryllium prepared to widen your search
  • Be definite of your fund and cipher however overmuch you tin connection upfront
  • Be alert that immoderate agents connection sneak peeks of properties connected societal media earlier listing them

There are much tips here and assistance connected your renting rights here.

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