Business

South East 'leads rise in rental costs'

Lettings signs

The cost of renting a home in England and Wales was 5.2% higher in July than the same month a year earlier, according to lettings agent Your Move.

Its survey, based on analysis of about 20,000 properties, suggested that average monthly rent paid by private tenants rose to £846.

The increase was sharpest in the South East of England.

The annual rise in this region of 14.9% was explained by a ripple effect from high rents in London.

London had the highest average monthly rents, at £1,273, the survey suggested.

Adrian Gill, director of Your Move, said: "The UK's vote to leave the European Union has not caused any immediate change in the rental market, although we must wait for longer term trends to develop."

Tenants' finances worsened in July, with 9% of tenancies having arrears of a day or more, up from 8.4% in June. This was still well below a high of 14.6% recorded in February 2010.

The survey follows figures from the Office for National Statistics, which found that rental prices paid by tenants in Britain rose by 2.4% in the 12 months to July.


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