Rents rise 1.1% to a new record, says LSL

Lettings boards The cost of renting has been rising as the housing market for buyers has remained subdued

The cost of renting a home in England and Wales rose by 1.1% in September to reach a new record high, a survey has suggested.

LSL Property Services, which owns the Your Move and Reeds Rains property chains, said that the average rent was now at £741 a month.

This was 1.1% higher than August and 3.2% up on the same month a year earlier.

Rents rose in seven different regions, at a peak time of tenant demand.

This was driven by increases in London and the South East of England, the survey said.

"Rents have risen consecutively for half a year as tenant demand strengthens on the back of a historically subdued mortgage market," said David Newnes, of LSL.

"However, every pound monthly rents go up by is another pound that renters cannot save for a deposit for their first home. This is lengthening their stay in rented accommodation, and increasing competition in the private rented sector."

More on This Story

From other news sites

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features & Analysis

  • French luxury Tea House, Mariage Freres display of tea pots Tea for tu

    France falls back in love with tea - but don't expect a British cuppa


  • Woman in swimming pool Green stuff

    The element that makes a familiar smell when mixed with urine


  • Female model's bottom in leopard skin trousers as she walks up the catwalkBum deal

    Why budget buttock ops can be bad for your health


  • The OfficeIn pictures

    Fifty landmark shows from 50 years of BBC Two


Elsewhere on the BBC

  • ITChild's play

    It's never been easier for small businesses to get their message out to the world

Programmes

  • Tuna and avacadoThe Travel Show Watch

    Is Tokyo set to become the world's gourmet capital?

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.