Rents in the private sector second highest on record
Rents across England and Wales are at the second highest level on record, according to the latest Buy-to-Let Index from LSL Property Services plc.
The average rent in England and Wales reached £743 per month in August, after a monthly increase of 0.7%. This acceleration in August compares to July when rental inflation was much lower, at 0.2% month on month.
On an annual basis, this leaves rents 1.3% higher than a year ago, and only £1 behind the all-time record high set in October 2012.
The Buy-to-Let Index is based on analysis of approximately 20,000 properties across England and Wales.
David Newnes, director of LSL Property Services, comments: “The summer saw a step-change for first time buyers. Better availability of finance has allowed some households to leave the rental market. And rents certainly felt the short-term impact of that. But releasing a blast of that pent-up pressure to buy a home is unlikely to change the long-term trend to renting.â€
September 20, 2013
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