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Rents for one-bedders see dramatic 8.5% rise
Countrywide claims that the average rent levels across all newly-let properties have risen by 2.8 per cent over the past year.
The chain says in January the typical rent rose to £883 pcm, up from £859 pcm in January of 2014.
One and two-bedroom properties saw the greatest increase, up 8.5 and 3.6 per cent to £751 pcm and £810 pcm respectively. Three-bedroom properties saw a 1.6 per cent increase to £930 pcm and four-bedroom-plus properties saw a 3.0 per cent decrease to £1,345 pcm.
In the regions, Greater London saw the largest increase in rent year-on-year, up 10.6 per cent to £1,265 pcm, followed by Wales up 6.1 per cent to £666 pcm and the South West up 4.1 per cent to £765 pcm.
The only region to see a decrease in rent year-on-year is – perhaps surprisingly – the South East, down 4.1 per cent to £1,035pcm. This is due to tenants moving out of the private rented sector and into the owner occupier sector, the agency claims.
Meanwhile the average UK rent for renewed tenancies is now £835 pcm.
One-bedroom properties saw the greatest increase, up 3.3 per cent to £681 pcm, followed by two-bedroom properties up 1.9 per cent to £763 pcm and three-bedroom properties up 1.7 per cent to £875 pcm. Four bedroom plus homes see rents stay broadly the same with just a 0.2 per cent decrease in average monthly rent to £1,350 pcm.
There is broadly good news on arrears – they have decreased year-on-year in all regions apart from the North of England where they have stayed the same, and Central London where there has been a marginal increase of 0.6 per cent.
