Rents go through £700 barrier

Average monthly rents in England and Wales surged through the £700 barrier last month as a shortage of new homes and mortgage constraints fuelled demand, according to new research.

Data for June from letting agent LSL Property Services showed its buy-to-let index rose by 0.7 per cent to £701, with the annual monthly rent now 4.1 per cent, or £28, higher than this time last year.

LSL said average monthly rents in London broke through the £1,000 mark this month at £1,006.