Speed of rent rises 'on the increase'

Posted: 16 Sep 2011 12:06:29 GMT

The average tenant in the UK is currently paying £713 a month, it has been found.

The speed at which rents are rising throughout the UK is currently at its highest in a year, new research has revealed.

Carried out by LSL Property Sevices, the study showed the average tenant is currently paying £713 a month, while such costs jumped by 1.2 per cent between July and August alone.

According to the investigation, the rises escalated quickest in Wales and the south-east of England.

In addition, it was found that tenant arrears swelled for the first time since April.

David Newnes, estate agency managing director at LSL - which has a history stretching back to 2004 - 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."

Demand has been steered recently by an influx of graduates moving home in order to take up their first jobs, the industry figure explained.
 

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