18th September 2015
Those living in the East of England are seeing rents rise the fastest rate, according to Your Move.
The average rent in the East of England was £843 in August, equating to an 11.5% jump on the same time last year.
Although rents are most expensive in London, those in the East of the country are suffering the quickest rise in the cost of renting a home. Rents in the capital increased 10.2% on last year t £1,278 a month.
Rent rises in these two areas are far higher than any other place in the country; the third quickest annual rent rise was recorded in the East Midlands at 5.9%.
Figures from the Office of National Statistics showed that the cost of homes in the East of England also increased 8.3% in the year to the end of July.
Thankfully for renters, rent growth across the UK was slower in August than July, according to Your Move, down 0.1% to £803 per month on average, and five areas have seen rents fall on a monthly basis.
The increase in rents is down to demand outstripping supply.
Adrian Gill, director of estate agents at Reed Rains and Your Move, said: ‘There is no major change to the fundamentals of supply and demand. This means that in the longer-term, faster rent rises may become a semi-permanent feature of the British property market.
‘Alongside purchases prices, rents will continue to rise rapidly until something happens to address a drastic shortage of homes in the UK.’