London’s landlords put rent rises on hold

rent rises on hold
Rent rises on hold
Image credit: Property Division

Average monthly rents in London remained static at £1,412 in the three months to February despite rising across seven of the UK’s 12 regions.

The average UK rent is now £899, compared to £889 at the end of January and £873 in December, according to the latest HomeLet Rental Index.

Martin Totty, chief executive of HomeLet’s parent company Barbon Insurance Group, said: “In 2014, the London rental market outstripped the rest of the UK in terms of rent price growth but what we are seeing so far in 2015 is the private rental market becoming much more broad-based with the strongest rent price growth occurring outside the capital.”

HomeLet’s Rental Index reveals that rents in the north east and south west of England grew at the fastest pace at 3.1% and 2.5% respectively.