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Rents rise at fastest rate in a year

Last month rents rose at a quicker rate than it has done in a year, with the average tenant paying £713 each month.

The BBC reports that rents rose by 1.2 percent between July and August, with cost rising quickest in the South East and Wales.

However a representative from LSL Property Services, who completed the survey attributed the increase to recent graduates moving for their first jobs.

He commented: “We are in the thick of the busiest time of the year for the rental market, and red-hot demand for properties is driving rents up at their fastest monthly pace for 12 months.

“In the last two years average rents have risen by more than £50 a month.”

Rents are now expected to rise again in the coming months, which is bad news for first time buyers.

The biggest increases were 6.6 percent in London and Wales, followed by 6 percent in the West Midlands and 4.3 percent in the North East.

Yorkshire and the Humber was the only place to see a fall, where rental costs dropped by 0.5 percent.

This was posted in Bdaily's Members' News section by Ruth Mitchell .