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Average rent up 4.4% on year

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by Kay Mitchell

A report by letting agency network LSL Property Services has revealed tenant demand has risen in recent weeks after April’s long bank holiday weekends and warm weather led to a surge in would-be tenants looking for property.

According to the agency, rents grew by 0.8% in April to £692 per month compared with the previous month and on an annual basis, were 4.4% higher – equalling the record high reached in November 2010.

As a result, landlords were charging almost £30 a month more than a year earlier.

The biggest annual rent increases were noted in London and the South East, while the East of England was the only region where rents had decreased on an annual basis.

Monthly rents in the capital rose by 7.9% on the year to £988, while the South East saw a rise of 5.7% to £705.

The East of England saw rents fall by 0.8% to £709 per month.

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News posted: May 20, 2011

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