Survey reveals rents continue to surge

| June 17, 2014

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

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

According to LSL, the average rent stands at 拢696 鈥 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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