LSL Reports Rental costs in private sector 'at record'
With the population in the UK increasing and insufficient numbers of new properties being built, the demand in the Private Rented Sector (PRS) is at an all-time high.
According to a report released by LSL, who owns the Your Move and Reeds Rains property chains, average rents rose by 1% last month and were 2.9% higher than a year ago. This is mainly the result of a growing number of people being unable to get a mortgage.
LSL said rents were rising the fastest in London and the South East, with the average rent in the capital now at £1,057 a month.
However, rising rent coupled with the economy still being in a recession has led to a significant number of tenants not being able to pay their rent, leaving landlords out of pocket.
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