Annual rental costs on the rise
Research from LSL Property Services shows that rent increases
went up by 0.7 per cent last month.
This puts annual rent inflation at 4.1 per cent, meaning the average cost of letting out a room now stands at £701 per month.
Rents in London have increased faster than in any other region of England and Wales, as prices broke through the £1,000 a month barrier for the first time.
The next biggest rises were seen in the north-east and the West Midlands, where rents escalated by 5.1 per cent and 4.6 per cent respectively.
David Newnes, estate agency managing director of LSL Property Services, commented: "In areas like London where competition for rental property is most intense, it's not unheard of for rental properties to be let within a day of coming on to the market."
- Landlord and Tenancy News from Lawpack: Solicitor-approved Rent Increase Notice (Section 13) with expert guidance on how to complete the legal form
Published on: July 21, 2011
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