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TODAY'S OTHER NEWS

Rents hit all-time record high

The latest Buy-to-Let index from Your Move and Reeds Rains has revealed that rents throughout England and Wales increased by 4.6% compared to April last year. 

This is the fastest yearly rise since November 2010, further highlighting the ever-growing strength of the rental market.

In absolute terms rents have also reached an all-time record. As of April 2015, the average rent across England and Wales stood at £774 – the most expensive rental price ever seen. 

Additionally, rents rose by 0.8% between March to April, the fastest month-on-month growth since September.

From a regional perspective, the East of England and London are surging ahead, with rents rising by 12.5% and 7.8% respectively. On the other hand, rents in Wales are 2.8% down on where they were in April last year, while rents in the North East fell back 0.8%.

The data also showed tenant finances are improving, with 7% of all rents now in arrears, down from 7.4% in March 2015 and 7.4% in April last year.

“Rents are going skywards and still accelerating,” Adrian Gill, director of estate agents Reeds Rains and Your Move, commented. “That momentum is fuelled by a fundamental shortage of housing and given oxygen by renewed wage growth.”

He added: “This should be a loud and clear signal to the authorities that home building is more than just manifesto-fodder. People have more money in their pockets, but we’re in danger of seeing that recovery squandered away on a housing shortage.”

“With the surprise of a relatively strong majority government, there has never been a better time to take the bull by the horns and fix this housing crisis at the root."

  • Fake Agent

    And only going to keep going one way.

  • Algarve  Investor

    Was going to say the same thing. London surging ahead once again, Wales and the North East being left behind. This sort of growth is not sustainable in the long-term. How high do rents have to go until people start rebelling? I'd say we're not far off.

  • Kenny Sahota

    I'm not surprised that the rental sector is booming. Many people want flexibility in their living arrangements, hence the high demand within the PRS. This consequently provides a heap of fantastic opportunities for landlords to take advantage of!

  • Richard White

    Cue all the baffled leftists scratching their heads and singularly failing to realise that the whole damn thing has been created by the success of their own political agenda.

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