Rents outside London ‘rising at fastest pace in over a decade’
Demand for rental property, coupled with lower levels of supply, will continue to put an upward pressure on rents, Zoopla said.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Rents outside London are increasing at their fastest pace in more than a decade as tenants swing back into city life, according to a property website.
The increase means renters face paying nearly £500 more per year than they did a year ago.
Rental prices across the UK, excluding London, are up by 5% year on year, driven by soaring demand in major cities amid limited supply, the report said.
The 5% increase is the biggest since Zoopla’s index started in 2008.
Average rents for the UK, excluding London, were put at £790 per month, up from £752 a year ago.
Overall demand for rental property is likely to remain higher than usual in the coming months, amid this swing back to city life
This adds up to renters paying an average of £456 more per year.
Grainne Gilmore , head of research at Zoopla said: “The strong levels of rental demand seen across the UK during August will moderate in line with seasonal trends, but overall demand for rental property is likely to remain higher than usual in the coming months, amid this swing back to city life.
“As ever, much will be dependent on the extent to which the current rules around Covid continue as they are.
“But given no deviation from the current landscape, the demand for rental property, coupled with lower levels of supply, will continue to put upward pressure on rents.
“In London, this will translate into rental growth returning to positive territory late 2021 or early 2022.”