PRS Rental Prices Reach Record High
Tenants without Rent Guarantee Insurance Face Higher PRS Rents
Rental prices in the UK Private Rented Sector have now reached a new record high, with the average PRS rent during September across the UK reaching approximately £741 (GBP) per calendar month (pcm).
The startling cost of PRS rental was revealed by LSL property services and represents a rise of 1.1% on the previous record high of £734 (GBP) set in August 2012.
Taken as an annual average, PRS rents have increased by 3.2% across the whole of the UK.
Rental prices in London and the South-East regions went up the most, with PRS rents rising by 1.7% and 1.9% respectively.
Average rent in London is now 6.2% higher than in 2011, averaging £1062 (GBP) pcm.
In other parts of the UK there are still pockets where rental prices are being forced down due to tenants driving a hard bargain with landlords and letting agents. Rental prices saw a decrease in three UK regions in September:
- East of England
- Yorkshire & Humber
- West Midlands.
However, the increase in PRS rental prices in the rest of the UK has also left tenants without Rent Guarantee Insurance financially struggling, with 9.1% of all rent due to landlords being late or unpaid at the end of September.
Landlords can take steps to ensure regular rental income and ease the financial burden faced by many tenants by obtaining market leading Rent Guarantee Insurance from Legal4Landlords.com
