Flat rental prices come down whilst rents on larger properties rise
July 21, 2009 by admin
Filed under News, News-Mortgages
Recently released figures have indicated that there is currently a split in the property rental market when it comes to the amount of rent that tenants are being asked to pay.
The figures show that whilst the rental charges on flat being let are coming down compared to a year ago, the rental charges on larger houses are going up. Industry officials have said that compared to a year ago rents on private rental properties have come down, but that they are being driven upwards by larger houses.
A year ago the average rent charged on a property was £873, according to officials that carried out the research. In March of this year the average rent had fallen to £827, and by April of this year there had been another small fall in rental prices, taking the average rent to £819.
Rental prices are said to have been driven down by the influx of flats coming onto the market for rent, with many being rented out because the owners are unable to sell them in the current climate. However, this is being counteracted by the limited number of larger properties on the market, which is pushing prices up.
One UK property website said that its research had shown that for the second month in a row the number of larger houses that were coming up for rent had fallen. An official from the site said that many people that had previously put their houses up for rent had decided to take them back off the market for one reason or another, including having decided to sell them at a lower price rather than renting them out long term.
The number of flat coming up for rent, on the other hand, increased for the sixth month in a row according to the website, and one official said: “The UK has become a tale of two very different markets.”
Tags: tale, larger properties, rent, apartment, price, rental prices, buy-to-let, coming down
