Rental costs across England and Wales hit a further new high in October suggests new data released by LSL Property Services although the pace of rent increases has slowed. LSL, the parent company of Capital Fortune’s mortgage network Home Loan Partnership said that the "heat" had come off the UK rental market as the busy period of new tenants has now subsided.
The data confirms that typical rents were approximately £744 a month in October, which is up 0.4% on September which is good news for landlords. The availability of Buy to Let mortgages is increasing as can be seen from any buy to let mortgage tables.
A spokesperson on behalf of Shelter, the UK Housing charity has said that the increasing cost of rents "piles on the pressure" for hard-pressed families. "This news is yet more proof that life is becoming more difficult for renters. In a week when inflation figures revealed a tighter squeeze on family budgets, every rent rise piles on the pressure." With the property ladder remaining out of reach for many, these figures are bad news for our growing population of reluctant renters."
The typical cost of renting property in October was 3.4% higher when compared to October last year with the increase marking the 7th consecutive month of rent increases. The picture across the nation does across the various regions of England and Wales.