Outlay on housing is highest in the private rental market. Between (2012-13) the average private sector rent in England and Wales was £646 per month. This average conceals major regional variations, with average rents in London up to twice as high, followed by the south east of England. Average rents in England and Wales are rising quicker than the rate of inflation. It was forecast that average monthly rents would rise to £800 by the middle of 2015. In fact the figures as of August are:
- The average UK rental value was £913pcm - this is 3.1% higher than the same period last year (£885pcm) and a reduction in the rate of increase seen in August 2015 (5.6%)
- Rents in Greater London are up by 2.7% year on year – a drop in the rate of increase seen in August 2015 (7.7%)
- Average rental values have increased in eleven out of twelve regions in the UK, compared to the same period last year
Private renters typically spend in excess of 40% of gross income on rent.
Document: My Rights as a Tenant in Europe
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