Business

Rents rising faster than inflation, says LSL

Letting signs Image copyright PA
Image caption Rent increases have generally been following a more gentle path since the housing market recovery

The cost of renting a home in England and Wales rose faster than inflation in the year to August, climbing 2.4%, according to a survey.

Rents were up by 1.1% last month compared with July, leaving the average rent at £761 a month, said the survey by LSL Property Services.

The figures, based on LSL's own data, suggested seven out of 10 regions had seen rent rises over the year.

This was led by a 3.5% increase in the south-west of England.

The south-east of England saw rents rise by 3.4% compared with a year ago, and there was a 3.3% rise in the north-west of England, LSL said.

Campbell Robb, chief executive of charity Shelter, said: "Successive governments' failure to build enough affordable homes and soaring house prices are leaving more and more families with no choice but to live their lives in expensive and unstable rented homes, never certain of what the future holds."

Rents were lower in August compared with a year ago in the North East (down 1.6%), the West Midlands (down 0.4%), and Wales (down 0.1%), LSL said.

The latest figures from the Office for National Statistics, published in July, said private rental prices paid by tenants in Britain rose by 1% in the 12 months to June.

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