Property News > Rents Rise In London For First Time In Two Years

Rents Rise In London For First Time In Two Years

At Property Rescue we’ve been analysing both the renters and buyers market of late, with a number of reports suggesting it’s now cheaper to rent than buy.Recent analysis of the market suggest that you’ll save around £1,200 in London renting over taking out a mortgage, despite rents in the capital increasing for the first time in two years.Research has shown that the market is beginning to pick up with a 0.1% increase, taking prices to £1,884 per month on average.Across London, rent has risen on average in over three quarters of boroughs, while growth in the rest of the country is beginning to slow down.The slowing is making renting even more appealing compared to buying, with reports suggesting renting is now cheaper thanks to the slowing of rental fees.Overall, the UK is seeing rent prices rise by 0.4%, 0.56% excluding London, with the East Midlands seeing the largest rises at 0.95%.The East of England also saw a larger rise than most, charging an extra 0.7% over the first six months of 2018, with the East now a desirable place thanks to its transport links.Wales has also seen a large amount of growth at 0.9%, while interestingly the North East has seen a drop in rental prices.Making it one of the cheapest places to live in the UK, the North East continues to give people more bang for their buck, with rent prices falling by 0.08% across the last six months.That’s certainly adding to the appeal of renting, during a period where house prices are growing, even if it is at its slowest rate for five years.It’s expected that there will be a shift change however, making it the opportune time to sign a lease on a property in the rental market.

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