Average rent rises despite the demand up than supply

understandingrentalThe average residential rents in the UK have continued to rise in July with demand still more than supply but the rate of growth is slowing. The average rent is now over £770 per month excluding Greater London, which is over 2% higher year on year while the average rent in London is £1,599 per month. According to the HomeLet report, the growth has continued since the beginning of the year and the outlook remains strong despite the growth slowing.
Martin Totty, CEO of Barbon Insurance Group, says: “Eventually, rents will be determined by supply and demand in the private rental sector, wherein the Population growth will continue to increase demand, and that the supply isn’t growing quick enough to meet that demand. The lenders are concerned about the falling house prices, loans to value in the mortgage market are about to become less giving, which may see more people turn to the rental sector rather than buying a property.”

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