Find out what our customers have to say about our service.Read more
Rental homes demand ahead of supply
Tuesday April 19th 2011
Rental property demand stayed ahead of supply in March, raising tenants' rents for the second month running and increasing the average rent in England and Wales by 0.4%.
The average rent rose in March to £687, leaving rents 4.2% higher than a year before, according to research by lettings agent network LSL Property Services.
Rents are now at their highest since last November when they peaked, then fell in the quiet festive season.
The group said if rents kept increasing at their current pace, it would cost an average of £715 to rent in a year's time, while the amount charged in London could break through the £1,000 barrier to stand at £1,050 a month. But there continues to be strong regional variations, with landlords increasing rents in six regions during March, but reducing them in four.
The East of England saw the strongest hikes at 2.2%, followed by the South East at 1.7%, while rents in London soared by 7.3% during the past year. At the other end of the scale, landlords slashed the amount they charged by 1.6% in the South West, leaving rents 2.4% lower than a year ago, and by 1.3% in the West Midlands. The cost of renting in Wales is 1.5% cheaper than 12 months earlier.
Copyright © Press Association 2011
How would you cope financially if you lost your job, fell seriously ill, or had an accident? Our great value Income Protection Insurance helps you plan for the unexpected and comes with added extras you won't always find with other insurers!