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14 April 2011

Rise in family homes for rent

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by Gill Montia

Rise in family homes for rent

The start of 2011 saw an influx of higher-value property into the UK’s private rented sector, with an 11.6% increase in the average capital value of a rented house in the first three months of the year, to £447,900.

According to research from the Association of Residential Letting Agents (ARLA) the rise comes alongside an increase in the number of family homes available, with ARLA members reporting a better supply of both semi-detached and detached dwellings.

The Association’s operations manager, Ian Potter, comments: “Today’s housing climate and uncertainty around jobs and income means many people are choosing to let rather sell their home.”

However, growth in capital value is being driven by London and the South East, with a 14.8% increase in central London and a 16.2% rise in the rest of the South East. Meanwhile, the remainder of the UK experienced a 5.2% drop.

The research also highlights a rise in the average capital value of rental flats, from £258,500 to £267,400.

Again, the rise is mainly attributable in central London (4.7%) and the South East (4.4%), with a 1.7% drop elsewhere in the UK.

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