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Cost of renting rises by 1%


The cost of renting a home in the UK rose 1% over the past year, official statistics have shown.
The fastest growth was seen in London and Scotland, as demand from buyers in the housing market rose. Many people who would be purching their first homes have now decided to rent, as many properties have become unaffordable to buy, especially in London.
The increase included a 1% rise in England, a 0.2% increase in Wales and a 1.4% rise in Scotland.
The last year has seen greater activity among buyers and sellers compared with previous years. However, various data and surveys have suggested that the market has cooled slightly in recent months.
The ONS figures show that the slowest rent rises in the year to September were in Wales, up 0.2%, and in the North West of England, up 0.3%.
Average residential rent now has an average of £768 per month. David Newnes, director of estate agents Reeds Rains and Your Move, said:
"Historically rent rises have broadly tracked inflation. And as the wider cost of living grows ever more slowly, so too has the cost of renting a home,"
"That said, autumn is always a busy period for the lettings industry, and this has been no exception. Looking ahead, it is likely that rents in most parts of the UK will have now reached their seasonal peak – so as the market cools along with the autumn weather there may be opportunities for some tenants to pick up a favourable deal.”

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