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Average rent getting closer to £900pm mark

Average rent getting closer to £900pm mark

Category: Buy To Let

Updated: 11/09/2013
First Published: 11/09/2013

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The average monthly rent in the UK rose 0.1% in August to £867 per month - the highest level in more than two years.

Countrywide's Monthly Lettings Index also revealed that landlords continue to benefit from healthy rental returns, with Wales, the Midlands and the North achieving the greatest yields at 6.6%, 6.5% and 6.4% respectively.

By region, monthly rent rises were greatest in the Midlands (up 1.7%) and in Scotland (up 1.3%).

However, the index showed that average rent fell in the East of England (down 0.6%), the South East (down 0.7%) and Wales (down 2.7%).

By property type, two- and three-bedroom rental properties saw the biggest monthly rises in average rents, up 0.6% and 0.9% respectively.

"August is traditionally a busy period for the rental market with tenants, particularly families, wanting to move into their new rented accommodation before the start of the school term in September," said Nick Dunning, group commercial director at Countrywide.

"However, demand is not being met by supply and currently there is a particular lack of family-sized properties available to rent, especially in the South of England."

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