Average rent hits £735
The latest Buy-to-Let Index from LSL Property Services plc. has revealed a 0.5% increase in average rent in March, taking UK rent to an average of £735.
This increase followed a four-month downward trend and bought average rent to 4.2% higher than a year ago.
As usual the strongest growth was seen in London where a 1.3% rise took average rent to a new record level of £1,106 per month.
Nine out of ten regions saw rents rise on an annual basis. David Brown, commercial director of LSL Property Services, said: “Winter staged a last-ditch counter offensive in March.
“But in spite of the unseasonal weather the rental market has gained some ground. Over the next few months it looks likely the spring bounce will continue.
“Of course, the regional picture remains more complicated. This month witnessed even more divergence between London and the rest of the country.
“But the overall picture is clear. With only modest improvements in the UK’s housing supply, rents will keep being forced upwards.”