Tenants renting their homes for long term.

The latest findings from the HomeLet Rental Index reveal that over the three months to October the cost of a tenancy outside of London rose by 3.5 per cent when compared to last year. Whilst this level of growth for new tenancies continues to outstrip the rate of inflation, this is much lower than the peaks seen just a few months ago when rents were up by over 8%.

When London is excluded, the average UK rental value was £749pcm – this is 3.5 per cent higher than the same period last year (£724pcm)

However, the annual rate of growth in rental values for the UK, excluding London, has continued to slow since the July peak of 8.1%

Average rents for new tenancies in London are 7.5 per cent higher than the same period last year

Average rental values in London have reached £1,560pcm, so rents in the Capital are now 108 per cent higher than the rest of the UK

Our survey of almost 15,000 tenants reveals that while 71 per cent are keen to buy their homes, 64 per cent expected to continue renting for an extended period

The latest HomeLet Rental Index is published alongside new research into tenants’ views about the rental market, conducted by HomeLet in October 2015. The research reveals that a large proportion of tenants are renting their homes for the long term and that they value relationships of trust with landlords and letting agents.

The HomeLet  rental Index and report in full: http://www.homelet.co.uk/news/article/tenants-look-to-prs-for-the-long-term

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

Matching Your Needs: Choosing The Ideal Residential Property Management Services

Owning residential properties can be an excellent investment, but managing them can quickly become hard. From handling tenant issues to maintenance and rent collection, it’s a time-consuming task. Fortunately, there is a solution—property management services. They can handle these tasks for you, freeing you to focus on other priorities. However, with so many options available,…
Read More
Breaking News

Third of Private Renters Are Struggling to Afford Their Rents Says New Research

Over a third of all private renters are finding it difficult to afford their rent according to new research out today. Whilst overall 35 per cent of renters said they were finding it difficult or very difficult to afford their rent, this proportion increased to 56 per cent for those not in work due to…
Read More
Home and Living

Why Select High-Quality Shower Drains for Stunning Wet Room Design

A wet room is a fully waterproofed bathroom with an open shower area, where the floors and walls are designed to handle water exposure. One of the most important aspects to consider when designing a wet room is your shower drain. With a great range of available designs, homeowners and those in the construction industry…
Read More
Breaking News

Bank of England’s decision to hold the Base Rate – Industry Reaction

The Bank of England held interest rates at 5.25% for the seventh time in a row. The decision comes despite official figures yesterday which revealed inflation had fallen to the Bank’s target of 2% for the first time in nearly three years. Here are some thoughts from the property industry.   Rightmove’s mortgage expert Matt…
Read More
Breaking News

Breaking Property News – 20/06/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   OpenBrix, Home, & TDS unite to digitally upgrade the tenant user experience Full disclosure Adam Pigott and the team at Openbrix are one of my original and long serving clients in my day job of getting proptechs from MVP to exit (Proptech-PR). But as…
Read More
Breaking News

Rental Reform Undermined by Lack of Choice for Tenants

A lack of choice for private renters about where they can live will undermine plans set out by many of the UK’s major political parties to reform the rental market. That’s the warning from the National Residential Landlords Association (NRLA) as the Conservatives, Labour, Liberal Democrats and Green Party all propose ending section 21 ‘no…
Read More