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Survey reveals rents continue to surge

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by Kay Mitchell

A survey by LSL Property Services has revealed rents in England and Wales continue to rise, with the average rent hitting almost £700 last month.

May represented the fourth consecutive month that the average rental cost rose.

According to LSL, the average rent stands at £696 – 4.4% higher than this time last year.

However, rental costs vary across the country with London seeing a rise of 7.8% on an annual basis, the North East up 6.4% and a 6.2% rise was noted in the East Midlands.

In the East of England and the South West of England, however, rents have fallen by 1.2% and 0.4% respectively.

Commenting on its analysis, David Newnes of LSL said: “The rocketing cost of living, combined with ongoing difficulty first-time buyers are experiencing in obtaining a mortgage, is increasing the number reliant on rental accommodation.”

Finally, LSL established that more than 11% of rental payments were unpaid or late last month.

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News posted: June 17, 2011

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