Rents accelerate to a new high, says LSL . . .
Rent rises have accelerated to hit a new high – and tenant arrears have crept up.
According to LSL this morning, owners of the Your Move and Reeds Rains chains, the average rent in September across England and Wales reached £741 per month.
That represented a rise of 1.1%, surpassing the previous record high of £734 set in August. Annually, rents went up by 3.2% across England and Wales, accelerating from an increase of 2.9% in August.
Monthly rents in London and the South-East went up the most, with rents rising by 1.7% and 1.9% respectively. Average rents across London are now a record £1,092 pcm, 6.2% higher than a year ago.
There were rent falls in three regions last month: the East of England, Yorkshire & the Humber, and the West Midlands.
Average tenant finances deteriorated slightly, with 9.1% of all rent late or unpaid at the end of September.
But how solid is the LSL data? A new challenger launches today. See next story.