Cost of renting a property outside London rising at fastest pace for more than a decade

Outside London, rents are rising fastest in more than a decade as tenants return to city life, according to a real estate website.

The increase means renters are paying nearly £ 500 more a year than they were a year ago.

Rental rates across the UK, with the exception of London, are up five percent year-on-year, driven by increased demand in big cities with limited supply, the report said.

The increase is the largest since the Zoopla Index started in 2008.

Average rents for the UK excluding London were estimated at £ 790 per month, up from £ 752 a year earlier. This means that renters pay an average of £ 456 more per year.

Grainne Gilmore, Research Director at Zoopla said: “Strong rental demand across the UK in August will weaken in line with seasonal trends, but aggregate rental property demand is likely to remain higher than usual in the months ahead. in the midst of this swing back to city life.

“Much will still depend on the extent to which the current rules relating to Covid continue to apply. However, since there is no deviation from the current landscape, the demand for rental properties will continue to push rents upwards while at the same time there is less supply.

“In London, this will cause rental growth to return to positive territory in late 2021 or early 2022.”

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