Rent Costs Rose In January

In a report released by the LSL Property, London

, claimed an average rise in rent by 0.1% in January.

As a result the, the rent inflation rose to 4.3% from 4% in December.

Looking at the regional changes in the rent rates, it was observed that West Midlands and South West areas registered the highest rate change in rate at a monthly basis to 1.8% and 1.5% respectively.

However, rents fell in four regions. The biggest declines were in the East of England and Wales, where they fell by 1.7% and 1.5%.The largest annual increases were in London where rents rose by 6.3%. The next biggest increase was in the East of England where rents rose by 5%. Rents fell in the North East by 0.7%, although the rate of annual decline slowed from 1.3% in December.

The possible reasons that can be attributed to rise in rental rates are:

Unusually high number of tenants looking for a limited number of property in London

Low rates on Mortgage lending loans but still many are reluctant to opt for this option, therefore renting being a main one

Rental arrears also remained high in January, according to LSL, with 10.7% of all rent late or unpaid at the end of the month.

In a report released by the LSL Property, London, claimed an average rise in rent by 0.1% in January.

As a result the, the rent inflation rose to 4.3% from 4% in December.

Looking at the regional changes in the rent rates, it was observed that West Midlands and South West areas registered the highest rate change in rate at a monthly basis to 1.8% and 1.5% respectively.

However, rents fell in four regions. The biggest declines were in the East of England and Wales, where they fell by 1.7% and 1.5%.The largest annual increases were in London where rents rose by 6.3%. The next biggest increase was in the East of England where rents rose by 5%. Rents fell in the North East by 0.7%, although the rate of annual decline slowed from 1.3% in December.

The possible reasons that can be attributed to rise in rental rates are:

Unusually high number of tenants looking for a limited number of property in London

Low rates on Mortgage lending loans but still many are reluctant to opt for this option, therefore renting being a main one

Rental arrears also remained high in January, according to LSL, with 10.7% of all rent late or unpaid at the end of the month.

by: Kalpesh Thakrar

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