Continued, sustained growth in both London and the South East has significantly contributed to the increase in the national average rent. Advertised rents in the capital have reached £2,300 per month, the highest average outside of the ‘Olympic bubble’ of the summer of 2012.
Having already increased £103 (4.68%) in the last 12 months, the London rental market may peak over the next year.
Outside of the southern rental market, Scotland is experiencing its own resurgence, with average advertised rents continually improving since November last year to a record £726 per month. The rental market in Scotland has grown by more than £50 (7.50%) since May 2013 and the upward trend looks set to continue, having been one of the most stable regions of the last two years.
However, there has been less positive news in the northern markets as average advertised rents in the North West, Yorkshire & Humber and the North East fell slightly in May. The North East generally regarded as a difficult market to predict, having experienced recurrent peaks and lows since 2012 has now hit a two year low with rents dipping to £639 per month.
*Since the inception of the Move with Us Rental Index in July 2013.