Rent for property in London rose by 10% per year

The average price of residential property in the UK has reached £965 pounds per month in the second quarter of 2015. However, if we exclude from the statistics in London, the average price drops to £747£. These are the data presented by the company “Homelet”. In London the average property value is £1515 per month , which is 10.1% higher than a year ago. Index Homelet also showed that the price of rent has increased in almost every regaine compared to the previous year.

London is not the only region where the growth rate of rent have shown a two-digit value for the year. In the South-East and South-West of England growth of the lease was 11%.

In addition to the growth of prices for rental housing, the report also cites the figures – what is the inflow or outflow of tenants in a particular city.

For the year to June 2015 a record number of new leases were signed in the city of Wakefield, where 28% of new contracts were signed. Also, the large influx of tenants noticeable in the cities of Coventry and Brighton.

Also interesting data in the report showing what was the rising rents in UK cities over the past 7 years, since the 2008 crisis. In London rental prices of the dwellings was 51%, Brighton – 25%, in Coventry – 21%.

Notable trends in recent years you can observe the influx of young professionals in the city, which is reflected in the statistics on the conclusion of new contracts.

The popularity of some cities tells not only the influx of new tenants, but the fact of extending existing lease agreements. For example, in cities such as Belfast, Cardiff, Birmingham and Bristol 95% of tenants chose to stay in the city, extending the lease agreements. Thus, not only London is the center of attraction of youth and professionals in the UK. Good infrastructure, high level of employment, the possibility of obtaining a quality education, the convenience of the transportation system and more affordable than in London, real estate, making many locations of the United Kingdom attractive to live and work.

® Helen Entree. G. 16.07.2015

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