Rents rise twice as much as earnings
RENTS have risen at twice the annual rate of weekly earnings, according to the latest Buy-to-Let Index from LSL.
Average rents across England and Wales stand at £753 per month in November, up 1.6 per cent compared with November 2012. In comparison, wages had risen by just 0.8 per cent on an annual basis. Average regular pay before tax stands at £1,941 per month. Rents across England and Wales remain significantly higher than a year ago, despite a seasonal drop of 0.7 per cent from October. The LSL figures are largely borne out by Sequence, which says national average monthly rent is now £777, up 10 per cent from last year.