28
Sep
Rents Rise at Fastest Rate
UK property rents are continuing to soar - despite being at
record levels already.
Last month, private sector rents increased at their fastest rate
for a year, according to the latest figures from LSL Property
Services. In August average rents went up 1.2% from July with Wales
and the South East of England bearing the brunt of the
increases.
London had the biggest rent rises in the last year - up 6.6%,
followed by a 6% rise in the West Midlands and a 4.3% increase in
the North East of England. Only Yorkshire and the Humber saw rents
fall over the last 12 months.
Worryingly for landlords, tenant arrears rose for the first time
since April - perhaps a reflection of the tougher economic
climate.
LSL Managing Director, David Newnes, said: "We are in the thick of
the busiest time of year for the rental market, and red-hot demand
for properties is driving rents up at their fastest monthly pace in
the last 12 months.
"Recent graduates moving for their first jobs have further
exaggerated the long-term and growing demand from frustrated
buyers.
"In the last two years, average rents have risen by more than
£50 a month."
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