Rents are at an all-time high
RENTS in England and Wales have hit an all-time high at an average of £744 a month, say LSL. However, the pace of the rise has slowed and tenant arrears have fallen to their lowest level for nearly two years. Tenants saw average rents rise by 0.4 per cent in October, the slowest rate of increase since May.
Despite the slowdown, the monthly rise is double the size of the 0.2 per cent increase in the same period last year. After seven months of rent rises, rents are 3.4 per cent higher than the same point last year. David Brown, of LSL Property Services, says: “Despite the deceleration, the fact that monthly rents rose by twice the rate of a year ago points to the underlying strength of tenant demand.