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UK property rents soar to new high

21st September 2012 | back to article listings BACK    print this article PRINT

Private rents have hit a new record high after the latest industry study revealed that prices have risen for the fifth consecutive month.

The research, which was carried out by LSL Property Services, shows that typical monthly rents shot up by 2.9% year-on-year to reach 734 in August, surpassing the previous high of 725 recorded in July.

Many would-be buyers cannot raise a mortgage deposit to buy UK property or meet the tough borrowing criteria of lenders and David Newnes says it is peak season in the private rental sector and a flood of graduates starting new jobs is adding to demand.

"The rental market is right in the thick of its peak season and the demand from graduates and those starting new jobs has added a new layer of competition on top of the existing pool of frustrated buyers," said the director of LSL Property Services, which owns chains including Your Move and Reeds Rains.

Rents have soared to new record high levels in five different regions around England and Wales, reaching peaks in London, the South East, the East of England, the North West and Yorkshire and the Humber.

The biggest year-on-year rise could be found in London, with prices increasing by 4.9%, and the South West and Wales were the only two regions to experience a decrease in rents, with prices falling by 1.9% and 1.8% respectively.

Copyright Press Association 2012

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