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Legal News

Tenants Hit By Increased Rental Costs (21 November 2011)

Date: 21/11/2011
Duncan Lewis, Legal News Solicitors, Tenants Hit By Increased Rental Costs

A recent survey has revealed that the cost of renting in England and Wales has increased for the ninth successive month. However, the rate at which the rises have been occurring has slowed. LSL Property Services claimed that the cost of the average monthly rent rose to £720 in October, yet the 0.2 per cent monthly increase proved to be the smallest increase February. The rising costs have been blamed on the insufficient number of available rental properties and the increasing number of individuals unable to enter onto the property market.

The survey found that October rental costs increased most sharply in both the southeast of England and the east of England in comparison to September. Over the past year, rents increased faster in London than in any other part of the country. In October, the cost of renting in England’s northeast and southwest fell as much as 1.4 per cent in comparison to September. Rents also fell in Wales. LSL Property Services predicts that recent rent increases will continue to stabilise up until Christmas.

Tenants are clearly struggling with the pressure of meeting increased monthly rentals, with just over ten per cent of all rent being paid late or not paid at all during October. LSL Property Services predict that they will see an increase in tenant arrears over the coming year.

Duncan Lewis’ housing solicitors can provide clients with advice on all housing issues. The approachable team pride themselves on the high quality of service that they provide to tenants and property owners alike.

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