Surprisingly little’ change in average rents despite Tenant Fees Act

October 7, 2019
Holding house keys on house shaped keyring

Average rents have remained steady in Q3 according to the UK’s biggest flatsharing site.

 

The report from SpareRoom showed “surprisingly little” change in average rents for rooms since the Tenant Fees Act was introduced in June. The findings run contrary to recent data from ARLA Propertymark that put rents at a record high.

 

The report from the UK’s biggest flat sharing service, based on 300,000 listings, saw rents up just 1% on last year at a monthly average of £600.

 

It showed large regional differences; Northern Ireland is the cheapest region in the UK with average room rents of £352; Galashiels in Scotland was found to be the cheapest town to rent at an average of £303.

 

Tenants in London can expect to pay an average of £782, but the capital has been pipped to the post of the country’s most expensive place to rent by Guernsey where average monthly rents were £796.

 

In response to the report, Matt Hutchinson, SpareRoom’s communications director said:
“Despite repeated warnings that the tenancy fees ban would drive rents up, so far that’s not been the case.

 

“Even with July, August and September being the busiest months for new tenancies we haven’t seen a significant bump in rents. It’s still early days but, for now, tenants will be breathing a sigh of relief.”

 

Last week, ARLA Propertymark reported the number of landlords increasing rent hit a record high for the fourth consecutive month.