Private rents go up again
Private rents increased for the fifth successive month in August, according to lettings agent network LSL.
Rents across England and Wales increased by 1.2 per cent compared to July and are up 2.9 per cent year-on-year. The current rate of inflation, according to the retail price index, is 2.9 per cent.
London and the south east experienced the highest increases, of 4.9 per cent and 3.9 per cent respectively. Rents fell by 1.9 per cent in the south west of England and by 1.8 per cent in Wales.
Responding to the figures, Campbell Robb, chief executive of homelessness charity Shelter, said: ‘At a time when wages are stagnating, this latest rise in rents is another blow to the millions of people priced out of a home of their own and left at the mercy of an overheated rental market.
‘Many of these people will be struggling to keep a roof over their head, let alone save enough for a deposit on a home of their own.’
Shelter also today called for a new ‘stable renting contract’ for people who rent from private landlords.
The contracts would last for five years, ensure rents increase by no more than inflation, allow landlords to end the tenancy if they sell the property and allow renters to give two months’ notice to leave.