Assured Lease Revenue | UK rental prices hit new excessive in July
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Rents rose to a brand new document excessive in July as rents rose for the fourth month in a row, based on the newest Purchase‐to‐Let Index from LSL Property Providers plc, which owns the UK’s largest lettings agent community, together with nationwide chains Your Transfer and Reeds Rains. The typical lease in England and Wales in July rose by 1% to £725 per thirty days, surpassing the earlier excessive of £720 pcm in October 2011. The tempo of annual rental inflation has additionally elevated, climbing to 2.9% from 2.four% in June. On a month-to-month foundation, rents rose in eight out of ten areas in England and Wales. Rents within the South East climbed the quickest, growing by 2.2%. The West Midlands noticed the subsequent largest improve, rising by 1.eight%. Rents dropped by 0.four% in each the South West and the East of England. London’s rents hit a brand new excessive for the third consecutive month, following a month-to-month 1% rise to £1,057. Rents fell on an annual foundation in two areas, reducing by 1.2% within the South West, and 0.four% within the East Midlands. The steep month-to-month improve in rents within the South East elevated annual lease inflation to four% in July. Nevertheless, rents are nonetheless rising quickest on an annual foundation in London, with rents within the capital climbing by 4.eight%, in comparison with four% in June. “The backlog of annoyed first‐time consumers within the personal rented sector confirmed no signal of clearing in July — actually, it's nonetheless rising,” David Newnes, director of LSL Property Providers commented. “As lending to these with out substantial deposits stays depressed, demand for rented lodging can solely go a method within the lengthy‐time period — offering additional upwards momentum for rents. “The rental market can also be getting into its summer time peak, as current graduates and people with new jobs start to search for new accommodation. With extra tenants on the transfer, alongside lengthy‐time period underlying demand, fierce competitors for properties is enabling landlords to extend rental costs to new highs.”
http://bit.ly/PsfRPr
Rents rose to a brand new document excessive in July as rents rose for the fourth month in a row, based on the newest Purchase‐to‐Let Index from LSL Property Providers plc, which owns the UK’s largest lettings agent community, together with nationwide chains Your Transfer and Reeds Rains. The typical lease in England and Wales in July rose by 1% to £725 per thirty days, surpassing the earlier excessive of £720 pcm in October 2011. The tempo of annual rental inflation has additionally elevated, climbing to 2.9% from 2.four% in June. On a month-to-month foundation, rents rose in eight out of ten areas in England and Wales. Rents within the South East climbed the quickest, growing by 2.2%. The West Midlands noticed the subsequent largest improve, rising by 1.eight%. Rents dropped by 0.four% in each the South West and the East of England. London’s rents hit a brand new excessive for the third consecutive month, following a month-to-month 1% rise to £1,057. Rents fell on an annual foundation in two areas, reducing by 1.2% within the South West, and 0.four% within the East Midlands. The steep month-to-month improve in rents within the South East elevated annual lease inflation to four% in July. Nevertheless, rents are nonetheless rising quickest on an annual foundation in London, with rents within the capital climbing by 4.eight%, in comparison with four% in June. “The backlog of annoyed first‐time consumers within the personal rented sector confirmed no signal of clearing in July — actually, it's nonetheless rising,” David Newnes, director of LSL Property Providers commented. “As lending to these with out substantial deposits stays depressed, demand for rented lodging can solely go a method within the lengthy‐time period — offering additional upwards momentum for rents. “The rental market can also be getting into its summer time peak, as current graduates and people with new jobs start to search for new accommodation. With extra tenants on the transfer, alongside lengthy‐time period underlying demand, fierce competitors for properties is enabling landlords to extend rental costs to new highs.”
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