19 Oct

Rents reach record highs

Rents reach record highs

Recent rises means rents across England and Wales have reached record levels, according to new figures.

Data for Your Move and Reeds Rains shows the average rent is now £816 per month - 1.6 per cent higher than the previous month and 6.3 per cent more than at the same point in 2014.

Although consumer price inflation is now lower by 0.1 per cent, according to the Office for National Statistics, rents do not seem to be following this downward trend.

"Rents are rising strongly in real terms due to the recent acceleration in wages, and the much deeper and longer term shortage of available properties across the UK of all tenures," explained Adrian Gill, director of estate agents Reeds Rains and Your Move.

He added the link between the cost of living and the cost of a place to live has now "uncoupled" and, unless the imbalance between supply and demand, is met this will continue in the long term.

The latest figures show that in 50 per cent of the regions in England and Wales there has been an increase in rents during September, with rents in the capital growing fastest with an 11.6 per cent rise over the last 12 months.

This was followed by rents in the East of England, where tenants have seen an 8.8 per cent increase compared to September 2014.ADNFCR-1222-ID-801803504-ADNFCR

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