Scotland and South West saw rents rise faster than in London in the run-up to the summer, data has shown.
The surprising statistics published by Homelet showed renting Scottish properties cost 11.2 per cent more than in the same period last year, while the percentage rise in the South West was even greater (11.4 per cent). This even outstrips the capital, where rents rose year-on-year by 9.5 per cent.
However, rents remain eye-watering high in London, standing at £1,538 per month.
The average rent in the UK for new tenancies over the three months to July 2015 was £977 per month, but this drops to £761 if you exclude Greater London.
The data showed that tenants continue to get a raw deal with the rise in rents outpacing inflation and house price growth, as the graph below demonstrates.
However, Martin Tottu, chief executive officer at Homelet’s parent company Barbon Insurance, said the data also pointed to much-needed economic recovery in areas outside London. “The South-West of England, for example, is benefitting from its popularity with those attracted to the area for lifestyle reasons, as well as the strong local economy in many of the towns and cities of the region.”