Average rents have gone up in May. LSL property Service data records a rise of 0.4 % across England and Wales, with private tenant paying an average of £712 a month. This is the second increase in a row and returns rents to January levels following falls in Feb and March.
It means rents are now 2.3% higher than a year ago.
David Newnes of LSL commented that "Rents have returned to the level seen before the impact of the stamp duty deadline rush by first-time buyers. Historically high rents and rock-bottom savings rates are hampering attempts to save for the larger deposits banks now require.In turn, fewer tenants are able to leave the sector, and the strong tenant competition is pushing up rents as a result, making saving for a deposit harder still,"