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Posted by TC Young Solicitors on March 20, 2015
According to the latest Buy-to-Let Index from LSL Property Services, the average rent across England and Wales is 3.1% higher than February last year, the greatest year-on-year increase in nearly two years. The average monthly rent now stands at £766 compared to £743 in February 2014 and £731 in February 2013.
Adrian Gill, director of Reeds Rains and Your Move, said: “The rental sector is carrying the weight of the housing crisis. More homes are needed to house an ever-growing population. The supply simply isn’t there. The result is that landlords are catering to those who can’t afford to buy as well as those who choose renting for the flexibility it offers them”.
Rents rose in most regions, but there were slight average decreases in the North West (-0.3%) and the North-East (-0.4%) compared to last year.
LSL estimates that as of February, 7.6% of all rent was in arrears – an increase on both a monthly and annual basis. In January, 6.8% of all rent was in arrears, while this figure stood at 6.9% in February 2014.