Tough property market causes rent price hike

Rents are rising throughout England and Wales for the first time since November 2011, according to LSL Property Services.

The strongest increases were in London, where rents are 7.6 per cent higher than a year ago, followed by annual rises of 5.0 per cent in Wales and 4.1 per cent in the East Midlands.

David Newnes, director of LSL Property Services, owners of estate agents Reeds Rains and Your Move, says: "Rents everywhere are higher than a year ago – at a time when pay is creeping up at the slowest rate in years. But some regions, such as Wales, are suffering more than others.

"Landlords across the UK have increased the stock of rental properties by around 10 per cent since 2008 – but the more fundamental squeeze is still coming from a lack of new buildings."

Matt Hutchinson, director of spareroom.co.uk – the house share website – added that the rental rises reflected the continued difficulty for people to get on the property ladder. "The cogs of the property market still haven't been properly oiled and the rental sector is taking the strain," Mr Hutchinson said. "Demand continues to outstrip supply, with tenants staying in properties for longer and a lack of new rental stock coming on to the market."

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in