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Friday, April 22, 2016

LSL puts annual rental growth at 3%

The LSL rent index for March has the average monthly rent across England and Wales at £791 - putting the annual rental growth rate at 3%. 

In an uneventful month, March saw Midland rents hit a new high, whilst Wales and the North East saw falls, most other areas remained pretty much the same.

LSL director, Adrian Gill, shared his concern for the rental market following April's stamp duty changes

‘Ultimately this will only punish tenants and aspiring first time buyers, driving out buy to let landlords will reduce supply leading to lower choice and higher rents for those that can least afford them,’

‘In particular, this month’s new stamp duty surplus has driven an extra wedge between those aspiring landlords planning to invest in additional homes to let, and those existing landlords who have already built up their portfolios. That difference will not last for long. But by making it more expensive to invest in property, it will hamper the healthy growth of the private rented sector,’

‘For private renting to remain an affordable option and a high-quality home for millions, the answer is more supply and more choice. That means lifting the barriers to investment in property, rather than adding fresh penalties for landlords aspiring for their own financial security,’

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