Tenants are increasingly in difficulties after rents rose at their steepest rate for two years. Landlords hiked rents in August by 1.4%, according to LSL Property Services. The rise means rents are the highest they have been since September 2008.
Unsurprisingly, LSL – parent company of Your Move and Reeds Rains – reported in its latest buy-to-let index that tenant arrears jumped 25% to reach £266m, or 11% of all UK rents – up 25% from July, with tenants in the north-east hardest hit.
The average UK rent is now £686, which is 2.5% higher than the same time last year, following seven consecutive months of rises and an increase of 0.5% in July. The average yield rose from 4.8% in July to 4.9% in August.
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