House rental prices up by nearly 3 per cent

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Average private home rents in the North West have risen 2.9 per cent in the last 12 months, latest figures show.

The average private rent in the region now stands at £665 per month.

Nationally, the cost of renting a home in the UK has risen so quickly in parts of the UK that Greater London, the South West and the South East of England are pushing the bounds of affordability, according to new findings released today from the June 2014 HomeLet Rental Index.

The data also suggests that pockets of affordability are arising in the North East of England, Scotland and Wales, where there is greater parity between incomes and rental prices.

The HomeLet Rental Index, the largest monthly survey of private tenants in the UK, shows that the average UK private home rent rose by 6.3 per cent over the year. The average rent in the UK now stands at £862 a month, compared to £811 a year ago.

This figure was inflated by very large rental increases in Greater London, where rents are up by 11.2 per cent.

Commenting on the report, Martin Totty, Barbon Insurance Group’s Chief Executive Officer, said: “The private rental sector continues to show strong growth with rental values increasing year on year across the country, with little exception.

“Although average incomes have also been rising, there are parts of the country where we are seeing affordability getting tighter.”