Rental prises rise again across the UK says MD of Belvoir Lettings Camden.
Asking price rents reached a new record high in May, according to the latest Buy-to-Let information released. In May, the average rent in England and Wales rose by 0.5% to £696 per month, overtaking the previous high of £692 in April. The growth means that the average asking price rent is now £30 per month higher than May 2010.
Rents have risen the fastest in London, where they increased 7.8% in the past year. The next biggest rises were in the North-East and the East Midlands where rents increased by 6.4% and 6.2% respectively.
Dominic Swinfield, managing director of Belvoir Camden, said: “The increasing cost of living, mixed in with the ongoing issues first-time purchases are experiencing in obtaining a mortgage, is increasing the numbers of potential tenants searching for available properties. Tenants now faces problems home buyers only experienced with spiralling rents, gazumping is fast becoming commonplace and properties regularly being let for more than the asking price. For tenants, that are unable to purchase, renting was the next best thing, but it now looks as if this may now become an issue. Rents are increasing far quicker than wages!"
For anymore information or a valuation on a property in North West London please do contact Belvoir Camden.
Tel: 02071 997733
camden@belvoirlettings.com
www.belvoirlettings.com/camden
No comments:
Post a Comment