The June 2012 Buy to Let Index from LSL Property Services in partnership with The Wriglesworth Consultancy has been released today, providing a measure of the average rental prices in England and Wales for June 2012.
- Third successive monthly rise as rents climb 0.9%
- Rents rise in 9 out of ten regions, hitting record high in London
- Tenant arrears deteriorate in face of rising rents, with 9.2% of rent late or unpaid
David Newnes, director of LSL Property Services comments as follows in the latest Buy to Let Index Report from LSL Property Services and The Wrigleswoth Consultancy published 20th July 2012.
“The sheer weight of tenant demand continues to push up rents across the country. Lending criteria remains tight and the number of mortgages given to first-time buyers – especially those without substantial deposits – is still a long way from the level seen before the credit crunch. With higher rents and the growing cost of living eroding how much tenants can save towards the large deposits required to buy, it’s no surprise to see the private rented sector swelling by 262,000 households a year.”
“But shorter-term factors were also at play in June. The rental market tends to see a flurry of activity at this time of year as tenants look to move before the onset of summer holidays, but this trend has been exacerbated – especially in London – by tenants moving with urgency to secure properties ahead of the disruption of the Olympics.”