17/08/2012

Rental Prices At 'Record High'

Private tenants in England and Wales are paying an average rent of £725 a month, a new record high, according to a letting group.

LSL, which owns the Your Move and Reeds Rains property chains, said average rents rose by 1% last month and were 2.9% higher than a year ago.

This was due to growing numbers unable to get a mortgage, it said.


LSL said rents were rising fastest in London and the South East, with the average rent in the capital now at £1,057 a month.

"The backlog of frustrated first-time buyers in the private rented sector showed no sign of clearing in July - in fact, it is still growing," said David Newnes, of LSL.

"As lending to those without substantial deposits remains depressed, demand for rented accommodation can only go one way in the long-term - providing further upward momentum for rents.

"The rental market is also entering its summer peak, as recent graduates and those with new jobs begin to look for new accommodation," he added.

(H)

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