Confidential Advice Line: 0800 063 9221

Lettings market reaches record rent levels


Lettings market reaches record rent levels

Recent figures released from property firm, LSL, have revealed that residential rents in England and Wales hit a record high in September. According to the research, rents rose by 1.3% month-on-month, with the average tenant now required to pay around £757 per month to rent a property.

Although rents have dropped in some areas of the UK, they increased in Yorkshire and the Humber, the West Midlands, the East Midlands, the North West, Wales, London and the South East, leaving just three out of ten regions across England and Wales avoiding rent spikes.

The East of England was the only region to see a drop in rental costs, both year-on-year and month-on-month. Rental figures in this region fell by 1.4% year-on-year.

Annual growth in London is currently running at 4.4%, the highest of all the regions, followed by Wales at 3.1 %.

Figures for September revealed a staggering gap between rental costs in the North East and London. The average cost of renting a property in the North East is around £533 but in London, this figure is almost double at £1,141.

Director of campaigns, policy and communications at Shelter, Roger Harding, said: “As more people are priced out of home ownership and waiting lists grow longer, too many families are being left trapped in the unstable and expensive private rental market.

“Every day, Shelter hears from people who are having to cut back on essentials as they struggle to pay their rent each month.

“We need the Government to fix our rental market to provide more security and get on with building many more genuinely affordable homes.”

Commenting on the findings from the report, David Newnes, director of LSL Property Services, said: “Higher rents in almost every region show that, despite Government schemes, buying a first home is still a difficult aspiration.

“This is not only down to low salary growth, but also a general shortage of supply, which is the underlying reason why homes are getting more expensive.”


About the author

Julie Palmer

Regional Managing Partner

Meet our Team of Experts

Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.

Julie is a member of the Insolvency Practitioners Association and the None Administrative Receivers Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.

44 Regional UK Offices

Find your local Begbies Traynor office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Businesses Remain Resilient in the face of Brexit
Financial distress falls 6% following referendum
ONS data: 'Brexit has had no major effect on the UK economy thus far'
Read More →
 
Open Banking to Reshape the Alternative Finance Sector
CMA mandates the adoption of Open Banking by early 2018
Will see alternative lenders competing on a level playing field with dominant banks
Read more →
 
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →
 

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor team

or Find your Nearest Office
Processing...