LSL: Rents reach record high in July

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by Kay Mitchell

A survey by LSL Property Services has revealed rents in England and Wales continue to surge, with the average rent hitting a record high last month.

July represented the sixth consecutive month that the average rental cost rose.

According to LSL, the average rent stands at £705 – an all-time high.

However, rental costs vary across the country with London seeing a rise of 7.1% on an annual basis, an average of £1,009 per month.

Commenting on its analysis, David Newnes of LSL said: “Rents are on an upward trajectory, and it is unlikely that tenants will gain respite any time soon.

“Demand from thousands of frustrated buyers each month is underpinning buoyant competition for rental homes, enabling landlords to increase prices.”

Research shows many tenants in rented properties would like to get a foot on the property ladder but are unable to do so unless they have a deposit of around 25% in order to secure a mortgage.