Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
New-Let Rents Rise 2.4% as Northern Rents Top £1,000
The cost of taking on a new rented home rose at its fastest rate for nearly two years in August, with rents across Great Britain increasing by 2.4% over 12 months. According to Hamptons, the annual rate of growth has now increased for a tenth consecutive month.
Hamptons reports that the average new let rent reached £1,419. Outside London, rents have also continued to climb, with northern rents topping £1,000, according to the report.
What this means for letting agents and inventory clerks
The accelerating pace of new-let rent growth, the fastest in nearly two years, is directly relevant to letting agents advising landlords on rent reviews and renewals, and to inventory clerks whose market rental assessments feed into new tenancy agreements.
With average new let rents at £1,419 across Great Britain and the annual growth rate rising for ten months in a row, agents and clerks should ensure their rental valuations reflect current market conditions. More detailed regional breakdowns are available in the original Property118 report.
Source: Property118