Flat rental prices hit record highs

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Rental prices for flats in the UK have hit record heights, with new figures indicating the average monthly asking price is now £833 per month.

The figure is the highest on record and 2.5 per cent above the rates that were being paid at the same time last year.

Rises were also recorded in the monthly price of a studio flat, which increased by 5.9 per cent on last year’s figures to £713 per month.

This trend is also mirrored in the UK property sales market, where asking prices experienced the largest month on month increase ever recorded by the index. At present, asking prices for flats in the UK are at their highest since January 2009, averaging £176,645.

Samantha Baden, property analyst at FindaProperty.com, said: “The rental sector as a whole is growing and very healthy, but competition for flats is stronger than ever.”

Rental prices in Scotland saw the biggest monthly increase at 2.7 per cent. The East Midlands was the worst performing region with rental prices falling 2.3 per cent.

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21st March 2012