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19/10/2012
Rents Reached Record High In September
Rents in England and Wales reached a record high in September when they rose by a further 1.1%, a survey has said.
LSL Property Services, which owns the Your Move and Reeds Rains property chains, said that the average rent was now £741 a month.
This was 1.1% higher than August and 3.2% up on the same month a year earlier.
Rents rose in seven different regions, at a peak time of tenant demand, and is believed to be driven by increases in London and the South East of England, the survey said.
"Rents have risen consecutively for half a year as tenant demand strengthens on the back of a historically subdued mortgage market," said David Newnes, of LSL.
"However, every pound monthly rents go up by is another pound that renters cannot save for a deposit for their first home. This is lengthening their stay in rented accommodation, and increasing competition in the private rented sector."
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LSL Property Services, which owns the Your Move and Reeds Rains property chains, said that the average rent was now £741 a month.
This was 1.1% higher than August and 3.2% up on the same month a year earlier.
Rents rose in seven different regions, at a peak time of tenant demand, and is believed to be driven by increases in London and the South East of England, the survey said.
"Rents have risen consecutively for half a year as tenant demand strengthens on the back of a historically subdued mortgage market," said David Newnes, of LSL.
"However, every pound monthly rents go up by is another pound that renters cannot save for a deposit for their first home. This is lengthening their stay in rented accommodation, and increasing competition in the private rented sector."
(H)
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A property survey has found that the average cost of private rentals in England and Wales have risen by 2.1%, reaching a record high. According to the LSL Property Services produced report, average rents across England and Wales now stands at £757 per month. In September there was a 2.1% increase on the same month a year previous and a 1.
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