London rents are rising well above the national average.
10th November 2015
According to the Royal Institution of Chartered Surveyors average rents have risen for 10 months in a row - and there's every sign that it will continue into 2016.
There remains no likelihood of supply meeting demand with average rents across the UK expected to rise by around 3.0 per cent next year. Rents in London are rising fastest, up 11.6% to a new record of £1,301 per month.
"While new landlord instructions did post a marginal uptick for the third month in a row, they were still significantly outstripped by fresh demand" notes the RICS' latest monthly letting summary.
"Given the deficiency in supply, near-term rent expectations remain firm and continue to signal an increase in rents in all areas" it continues.
Buy-to-Let investors in England and Wales enjoyed total returns of nearly 10% in the past year, new industry figures show.
The reports will make depressing reading for those stuck in rented accommodation, and add to the pressure on the government to find ways of tackling the housing shortage. Soaring house prices and problems with having mortgages accepted have pushed more young households into the private rented sector.
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