Under pressure from the tenants, rental prices in England are rising

Houses and apartments in the UK rent on average for 99.9% of asking price. This is the highest figure since 2007, from the moment that happened the global economic crisis.

Now the average price of renting residential property in the UK is £926 per month, but the growth rate fell slightly in February 2016. In a study conducted monthly by the Countrywide index, it is shown that in the process of negotiation about the rates of the rent, the tenants do not have success, moreover, 12% of the tenants agreed to pay even above the asking price. Especially notable is the situation in London, where the average transaction was concluded by 100.9% of asking price. Every fifth tenant in London was forced to pay more than the asking price to outbid the competition. This means that Londoners pay the extra cost to an average of £94 every month.

The price of rent on property in London increased by 34% since the beginning of the crisis in 2007, which is almost three times higher than the average for the country, which is only 12%.

Despite this, pressure on prices in London from tenants continues, which further contributes to the price gap between the capital of the United Kingdom and the rest of the country.

Falls and peregovorshchiki tenants. In 2008, only 3.5% of the tenants were willing to pay above the asking price and 23.5% could bring down the price, now the share of those that in the process of price negotiations was able to negotiate lower rents decreased to 8%.

Especially noticeable increase in rents in the South of England at a rate that surpassed the growth of prices in London.

The combination of lack of affordable housing for rent and the growing number of people wanting to rent has led to the reduced ability of tenants to negotiate . In the competitive environment of the tenants, to get the desired object can only those who pay more. It is expected that the growth trend in lease rates in the UK will continue in the coming years.

® Alice Morgan. G. 09.03.2016

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