Rents up again during May

Figures have shown that rents rose for the fourth month on the trot in May – suggesting it was a good month for buy-to-let landlords.

LSL Property Services said that rents were up 0.5% during the month to reach a new record high of £696 – a figure that was also £30 up on that for last May.

The soaring demand for rental properties is being fuelled by rising numbers of would-be first-time buyers who are having to lean on the rental market while saving a deposit to get on the property ladder.

However when the figures are broken down across the regions it shows there were falls in the cost of renting in some areas. The biggest fall in rents was found in the West Midlands – with a drop of 0.7%. Falls were also recorded in the South West at 0.6% and Wales at 0.2%.

Source: Assetz