UK Rent outside of London is increasing at their fastest rate since 2008.
According to Zoopla’s Rental Market Report, the typical price of renting a home in the UK – excluding London – is now at around £790 a month, adding an additional £456 to tenants’ costs per year; this rise is the fastest rent prices have increased in over a decade.
This increase in prices has occurred due to the increase of renters returning to cities – though this rise in demand has not been met with an increase in the number of homes to rent which further explains the higher renting prices.
In the last year, the price of renting a property (outside of London) has increased by 5%, with the South-West seeing the biggest rise with prices increasing by 7.6% every year. On the other hand, the cost of renting in London has dropped by 3.8% year-on-year – including the capital, the average price stands at £943 per month.
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