UK rents increase for second month

The cost of being a tenant increased for the second consecutive month during March as demand for rental property continued to outstrip supply, research indicated today.

The average rent being charged by landlords in England and Wales increased by 0.4% during the month to £687, according to lettings agent network LSL Property Services.

The latest rise left rents 4.2% above where they were a year ago, and at their highest level since November 2010, when they reached a peak before dipping during the traditionally quiet festive season.

The cost of renting a property is being pushed up by strong demand, as the high deposits being demanded by lenders are forcing would-be buyers to rent for longer than they would previously have done.