Twitter Facebook RSS FEEDS

ARLA: Average UK rent up 4%

Monday, 10 March 2008 12:00 AM

Research from the Association of Residential Letting Agents (ARLA) finds average rents in the UK have continued to increase dramatically over the previous three months.

In the quarter to February the average rent on a house increased by four per cent across the UK, followed by a two per cent increase on the price of renting a flat.

The changes were boosted by a nine per cent increase in price of renting a house in prime central London - with the average annual price of a rented property increasing by £3000.

Rents have also increased risen in the rest of the country too, from an average of £931 to £981 for houses and £619 to £664 for flats.

However, the south-east saw average rents fall by two per cent for houses and five per cent for flats - with prices falling £1390 to £1361 a month for houses and from £930 to £882 for flats.

"We are seeing the beginning of the inevitable," said ARLA heard of operations, Ian Potter.

"Whenever property prices soften or fall, rental demand, rents and yields all increase. As we begin a year of uncertainty in the sales market, it is inevitable that our member letting agents should report that they have more tenants than properties available for them."

ARLA - which represents professional letting agents - also found for the last three months the proportion of members reporting they have more tenants than properties is at its third highest level since quarterly surveys began nearly six years ago.

The increase in demand is being driven by immigration, reports ARLA.

Across the country, the average proportion of properties taken by immigrants through ARLA members is 20 per cent. More than 16 per cent of these are from the European Union.

In prime central London the proportion of immigrants renting is 28 per cent. In the south-east the figure is 21 per cent and in the rest of the country the average is 15 per cent.

"The supply of property in the private rented sector must rise if we are to provide for immigration as well as all the other sectors of our society who want to rent," concluded Mr Potter.

Related stories

Rent payment due reminder

Average monthly rent jumps above £700

The cost of an average monthly rent hit another record high in June as it jumped over the £700 barrier for the first time.

 ARLA: Average rent down 9%

ARLA: Average rent down 9%

ARLA: Average rent down 9%
Houses

Average rents 2011: compare rent costs in UK cities

From one-bed flats to four-bed houses, here's how much it costs to rent property in 20 major UK cities, from Belfast to London.

 George Osborne will announce the budget on 21 March. Image:Allstar

ARLA calls for tax breaks for private landlords

Chancellor George Osborne urged to reform capital gains tax and stamp duty to encourage more investment.

Exchanging keys in a property

Rent to buy scheme gets thumbs-up from Shapps

Housing minister approves of scheme in which buyers can try before they buy... and potentially put the rent towards their deposit.

 Average rent up 14% in a year

Average rent up 14% in a year

Average rent up 14% in a year
houses

Increase in tenants struggling to pay their rent

Tenants' rental arrears could have major implications for landlords who still have mortgages to pay.

 Terraced houses

Older people choosing to sell and rent

A growing number of pensioners are retiring the mortgage and instead choosing to rent to release the equity in their homes.
Generation Rent clash with landlords over pets

Generation Rent clash with landlords over pets

Tenants find pets stop them renting homes, lose them their deposit and even get them evicted.

 Belfast Eye

Rents go up in Belfast

A slew of first-time buyers unable to get onto the property ladder helped push up the cost of renting in Belfast last year.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.