One-bed flat rents rise sharply

A significant increase in one-bed rents has been seen in recent months.

A sharp increase in rental costs for one-bedroom flats has been witnessed across the UK in recent months.

New data published by peer-to-peer lender Landbay has shown rents for this type of property have grown by 3.7 per cent in September, with the average amount now paid in monthly rent by tenants reaching £1,281.

Across the nation, renters may be surprised to learn that the greatest increases in annual rents are not now taking place in London, instead it is Edinburgh (up 12 per cent), Swindon (up 11 per cent) and Southend-on-Sea (up 11 per cent) that are leading the way.

John Goodall, co-founder and chief executive officer of Landbay, said: “Higher housing costs can be a nightmare for tenants when other costs are rising and their wages are stagnating. Fortunately these rent increases come at a time of growing wages and falling costs.”

Written by: houseladderwordpress