20 Dec

Buy to let rents reach record high, report shows

Buy to let rents reach record high, report shows

The cost of renting buy to let properties has reached a record high, if recent figures are to be believed.

LSL Property Services has reported that rents in the UK have increased for the third consecutive quarter.

In November 2010, tenants could expect to pay an average of £692 per month, an increase from October's figure of £691.

Estate agency managing director at the firm David Newnes suggested that this could be the result of homebuyers being unable to get on the property ladder themselves.

"With the limitations placed on the supply of rental property by the lack of mortgage finance, rents have continued to increase," he commented.

This comes after Rightmove revealed last month that the proportion of residents who think that their monthly fees will rise over the next 12 months was above 40 per cent.

The property website suggested that the rise in rental income for buy to let owners is likely to be the result of limited accommodation, with housing stocks falling by 23 per cent every year.ADNFCR-1222-ID-800301113-ADNFCR

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