UK rents rose for the third year in a row in 2011, according to a new survey.
The research, conducted by Endsleigh insurance, compared credit checks carried out between January and December and found that the average monthly rent across the country was £663 in 2009. Last year, that had increased to £706 – a jump of 6.5 per cent over the last two years and a 2.6 per cent increase in the last year.
London led the way, with tenants in Wales, Scotland and the North East of England paying up to two-thirds less per month, but those in the capital have a crumb of comfort: rates actually dropped in 2011 to £1,330 a month.
Greater London is the most expensive area to rent in the South East, with rates an average of £1,248 per month. Outside of the South East, Bath is top with monthly rents of £963, followed by Brighton (£927). Swansea, on the other hand, was the cheapest place to rent, with rates of just £398 per month.
Grant Stevens, general manager of letting services at Endsleigh, said: "Rents in London have been rising for a long time so it is no great surprise that there is finally a cooling in prices. However, nationally, year-on-year, the picture is one of a very buoyant rental market and, with the overall rise in-keeping with inflation; it won't unduly affect the pockets of either landlords, who are enjoying good yields, or renters, who are able to access a whole range of properties."
(via About Property )