16/07/2010 - Rents up 'due to lack of supply'
A lack of supply of property for letting against rising demand has led to an increase in rents, a study has shown.
The average rent of a home increased by 1% to £673 a month in June - the fifth straight month of rise and the highest level since November 2008, letting agent network LSL Property Services found.
The shortage of availability of rental properties had resulted in an increase of 3.2% in the past year, the group said.
The highest rise was seen in London, where it went up by 1.9%, while the increase was 1.4% in the North West and stood at 1.3% in the North East.
However, in the West Midlands, the average cost of letting a property declined by 1.7% during the month.
David Brown, commercial director of LSL Property Services, said: "Rents have continued their upwards trajectory and are just a few pounds away from their peak levels in 2008.
"The seasonal pick-up was exaggerated by the squeeze in the supply of rental accommodation."
Statistics from the Association of Residential Letting Agents (ARLA) supported the research, indicating a rise in rents due to a record shortage of supply.
Copyright © Press Association 2010
Related links
|
