Rents rose in January, in an unusual start to a new year.
According to LSL, it was the first time on record that there has been a January increase in rents. Rents were 4.3% up on average from January 2011.
But tenants are struggling with their rents, with 10.7% of all rent either late or unpaid during the month.
LSL, parent company to the Your Move and Reeds Rains chains, put January’s average asking rent in England and Wales at £712 a month.
Rents rose the fastest on a monthly basis in the West Midlands and South-West, where they increased by 1.8% and 1.5% respectively. Rents rose by 0.8% over the month in London, where they have only fallen once in the past 13 months.
However, rents fell in four regions. The biggest declines were in the East of England and Wales, where they fell by 1.7% and 1.5%.
In the last 12 months rents have risen in all regions of England and Wales but one. The largest annual increases were in London where rents rose by 6.3%. The next biggest increase was in the East of England where rents rose by 5.9%.
Rents fell in the North-East by 0.7%, although the rate of annual decline slowed from 1.3% in December.
David Brown, commercial director of LSL Property Services, said: “Mortgage lending has shown signs of improving in recent months, but transactions remain at almost half their historic levels, and the increasing dependency on rental accommodation will drive further rent rises over the long term.”
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