Region’s rents rise over winter period

The rise comes after a year in which the average advertised rental price in the region declined to £590 per month, the last quarter of 2013,

The new figures show that the UK rental market ended 2013 strongly with the average asking rent peaking at £986 per month in November at a time when rents typically dip due to the beginning of the festive season.

The figures mark a role reversal from the comparable period in 2013.

Meanwhile, prospective tenants in the strongest performing regions, Greater London and the South East, saw rents fall by an average of £12 and £24 respectively in, closing the gap in rental prices between the North and the South.

Increasing rental prices have raised the question over whether the average asking rent for tenants in Great Britain could surpass £1,000 per month in 2014.

Robin King, director, Move with Us, says: “Recent data from the Office for National Statistics (ONS) show how the number of adults between the ages of 20 and 34 living with their parents has increased by a quarter in the last 18 years. Rising asking rents have been a big contributing factor to this rise making it harder for first time buyers to rent while at the same time being able to save the deposit to buy their own home.

“Overall average rents are rising in the UK, and coupled with the lack of supply for prospective buyers in the sales market, means more people are renting.

“Landlords have responded to the change in the market by raising the standard of rental properties and lengthening contract terms to provide tenants with security and better living conditions so renting is a viable alternative to buying.”