Average rent prices were up in the final quarter of 2019

Average rent prices were up in the final quarter of 2019

£886 is the average price across the UK - up 2.6% annually

Rents are rising nearly twice as fast as a year ago, according to an index.

Across the UK, the average monthly rent in the final quarter of 2019 was £886 - up by 2.6% annually.

This was nearly double the 1.4% annual growth in private rents seen a year earlier, according to the findings from Zoopla.

Some cities are seeing rents increase by 5% or more annually.

They are York (5.0%), Bristol (5.5%) and Nottingham (5.8%).

In Bristol and York, the relatively high cost of buying a home is likely to be supporting rental demand and, in turn, rental growth, Zoopla said.

In Nottingham, demand for renting has grown faster than the national average over 2019, it added.

At the other end of the spectrum, rents in Aberdeen are down by 2.9% annually.

Tax changes in recent years, which have eaten into landlords' profits, mean the supply of rental homes has dwindled. At the same time, demand from tenants has increased, pushing rental prices upwards, according to the index.

It said the 2.6% annual increase in rents across the UK is the highest rate seen in three years.

Published: by Radio NewsHub
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