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18/10/2013
Private Rents Reach Record High
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 1.8% increase on August.
David Newnes, director of LSL Property Services, said: "A new peak in tenant demand has driven rents to new heights, well above all previous records. Higher rents in almost every regions how that, despite government schemes, buying a first home is still a difficult aspiration.
"This is not only down to low salary growth, but also a general shortage of supply – which is the underlying reason why homes are getting more expensive. The long term - trend to renting therefore looks unlikely to change significantly in the near future, despite the better availability of finance compared to previous years."
(MH/IT)
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 1.8% increase on August.
David Newnes, director of LSL Property Services, said: "A new peak in tenant demand has driven rents to new heights, well above all previous records. Higher rents in almost every regions how that, despite government schemes, buying a first home is still a difficult aspiration.
"This is not only down to low salary growth, but also a general shortage of supply – which is the underlying reason why homes are getting more expensive. The long term - trend to renting therefore looks unlikely to change significantly in the near future, despite the better availability of finance compared to previous years."
(MH/IT)
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