Rental prices hit new high in UK property in September
19th Oct 2012
The cost of living in properties to rent across the UK has risen again to hit another record high in September, according to the latest report released by LSL Property Services.
The organisation said that it now costs tenants an average of £741 per month to live in the private-rented sector, with prices having jumped by 1.1 per cent in September alone.
With the prices climbing by 3.2 per cent when compared to last year, LSL said that this was driven by increases in seven regions across England and Wales. The largest of these rises were seen in London and the South East.
This comes after it was reported earlier this week that the average time it will take a first-time buyer to save up for a deposit for a mortgage will be nine years, with the average household only able to put away around £250 per month as they struggle with the cost of renting a house as well as trying to move forward in the future.
David Newnes, of LSL Property Services, said: "Every pound monthly rents go up by is another pound that renters cannot save for a deposit for their first home. This is lengthening their stay in rented accommodation, and increasing competition in the private rented sector."
Posted by Staff Writer: Ewan Robertson
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