Ten­ants strug­gle to find rental de­posits

Yorkshire Post - Property - - PROPERTY -

FIRST-TIME ten­ants are strug­gling to get on to the rental lad­der and are rou­tinely hav­ing to go to the Bank of Mum and Dad for their de­posits, as rents rose for the sixth month in a row in July.

The lat­est buy-to-let in­dex from LSL Prop­erty Ser­vices found that in July the av­er­age rent in Eng­land and Wales rose by 0.6 per cent to £705 per month.

With an­nual in­fla­tion at 4.2 per cent, the av­er­age rent is now £29 pcm higher than July 2010.

The av­er­age yield reached 5.2 per cent in July, up from 4.8 per cent a year ago. The great­est an­nual rent in­creases are in Lon­don. In July, rents hit £1,009 per month – an an­nual in­crease of 7.1 per cent. The next big­gest rises were in the North-East where rents in­creased by 5.5 per cent.

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