Rents see record rise

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Rents recorded their largest monthly increase in a year during August, says the latest buy-to-let index from LSL Property Services.

In August, the average rent in England and Wales rose by 1.2 per cent to £713 per month, which is £27 higher than in August 2010.

On a monthly basis, rents increased fastest in Wales and south-east England, where they rose by 2.1 per cent.

The next biggest increases were in London and south-west England, with rises of 1.5 per cent and 1.3 per cent respectively. Rents have only declined in the Midlands since July, falling by 0.4 per cent in both the West Midlands and the East Midlands.

David Newnes, estate agency managing director of LSL Property Services, says: “We are in the thick of the busiest time of year for the rental market, and red-hot demand for properties is driving rents up at their fastest monthly pace in the last 12 months.”