Four in 10 landlords planning to raise rent this year
New tenancies in England and Wales up 7.7 per cent
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Thursday 30 January 2014
Around 42 per cent of landlords say they expect to raise rents in 2014, according to LSL Property Services, with a third planning to increase them by one per cent. More than half say the increase is to cover the cost of inflation.
"Even with an increase in rental properties available, demand in the private rental sector continues to outstrip supply in many areas, especially in London," said David Newnes, director of LSL Property Services, owners of Your Move and Reeds Rains. "In the months ahead, this will enable landlords to push up their rental prices when letting their properties, putting a stop to inflation from eating into their rental income. This is underlined by the fact that covering the cost of inflation is the main reason cited by landlords expecting to increase rents.
The LSL report also shows that new tenancies in England and Wales were up 7.7 per cent in December last year compared to December 2012.
A report earlier this week indicated that the number of new rental properties coming onto the market is up by six per cent over the last 12 months. Figures from Sequence also suggested that national monthly rents rose eight per cent between December 2012 and December 2013 to £763.
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