Property to rent in the UK rose by 11.7% in the year

In nine of the twelve UK regions recorded an increase in rental prices of residential property in November 2014 compared to November 2013. However, compared to October 2014, rent rates fell slightly.

Now the average cost of rental housing is £874 per month. But if the statistics exclude London and Scotland, the average cost of housing in the UK is £702 per month. This is 11.7% higher than a year ago.

Regarding the drop rates of the rent, which was reported in November 2014 compared with October, it does not negate the General growth trend and fits into the trend.

The traditional autumn decline in November is quite a peculiar market. After strong demand in September and October, the rental market of residential property in the UK, the decline in the number of tenants reaches equilibrium by lowering prices.

The prospects for private sector rental housing continues to remain bright. In the coming years, the pace of construction of residential property in the UK is unlikely to meet the growing demand in the market of purchase and sale, which will certainly affect prices, pushing them up. Inhibiting factor for the purchase of property will be also introduced in 2014 the more complex rules of mortgage lending. All this will help to ensure that the demand in the rental market of residential property in England and Wales will grow.

Different from other regions of the UK property market is Scotland, where prices for rental housing has grown even in November without the traditional autumn the fall.

The strong economic performance of Scotland in the autumn were the basis for very strong demand in the rental sector, particularly in the Aberdeen area, where concentrated the oil industry. The growth in rental prices is spreading to other areas of Scotland.

® Helen Antre 17.12. 2014.

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