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Posted on January 19th 2016 by admin-movingin

Complicated year for lettings industry lies ahead – Countrywide

The average monthly rent in the UK is now £919 per calendar month, Countrywide has reported.

The firm says that rents for newly let homes grew by 3.1% last year. The number of tenants facing higher rents when renewing their tenancy flew to 34%, a 7% increase from 2014.

However, the average rent for renewing tenancies grew by only 1.3%.

According to Countrywide, rents last year rose in all regions of the country, with the east seeing the highest growth (6.5%) and central London the lowest (0.5% up).

Countrywide said that the average property is now let within 20 days of instructions, two days quicker than in 2014.

Countrywide research director Johnny Morris said: “2016 looks to be a complicated year for landlords as the government focuses its efforts on boosting home ownership. The additional 3% Stamp Duty charge, stricter regulation and changes to tax relief from 2017 onwards will all take their toll on investor sentiment and impact behaviour.

“With stock at a premium, the smaller landlords who decide to sell up will add upward pressure to rents, although any rises will be tempered by affordability pressures.”