Over the last decade we’ve seen the cost of renting a property increase drastically within the capital and surrounding areas. The matter is always a hot topic within the lettings industry, however recent findings have suggested that London is not alone, with renting costs in the UK rising in almost every region.
Recent findings by HomeLet have suggested that rental prices in the United Kingdom have risen by 2.4% since this time last year. With these figures increasing in 11 out of the 12 UK regions, the average rent in the UK is now £909.00.
In comparison, rent in London has increased by 2.3%, with the average rental property in the capital now costing around £1,532 per month.
The average rent by region in the UK is as follows:
- South West: £817 (up 3.4% in the year to the end of January)
- South East: £995 (up 0.6%)
- Greater London: £1,532 (up 2.3%)
- East of England: £906 (up 1.5%)
- East Midlands: £617 (up 6.0%)
- Yorkshire and Humberside: £623 (up 1.5%)
- North West: £683 (up 1.2%)
- West Midlands: £674 (up 2.6%)
- Scotland: £625 (up 3.1%)
- Northern Ireland: £624 (up 3.7%)
- Wales: £603 (down 0.3%)
Protect Your Properties
With rents rising across the UK landlords and agents may think it’s time to relax, however it is still as important as ever to protect your properties.
With the price of renting their home likely to increase, tenants may be less inclined to take care of the property due to rental costs eating into their budgets. Landlords can protect their properties and minimise the risk of dispute at the end of the tenancy through various methods such as building a positive relationship with the tenant, taking out insurance, ensuring proper maintenance and using detailed and comprehensive inventory reports.
Property inventory reports can help to set the standard to which your property should be maintained and returned at the end of the tenancy, whilst interim inspections (also known as mid-term inspections) will help you to stay on top of any damage and prevent disputes before they happen.
Here at Assist Inventories we offer property inventory services for landlords and agents who require the security of a robust property inventory report but lack the time to carry them out themselves Talk to us about how we can assist with your inventory reports leaving you free to ensure you are investing wisely and maintaining your portfolio.