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Cost of rent continues to increase

Tenants faced a 10th consecutive month of rent increases as the cost of renting reached a record high during November, research showed.

The average rent paid by tenants in the UK increased to £692 a month during the month - the third month in a row where it reached a new high, according to lettings agent network LSL Property Services.

But there was some good news for tenants as the 0.1 per cent growth was the smallest month-on-month increase since rents first began to rise in February, which could be a sign that the steep rises in rents may be coming to an end.

The statistics also showed that landlords made, on average, gains of 7.3 per cent on their property during the year to the end of November, the equivalent of £11,900, through a combination of rent and house price increases.

But an investor entering the market now would only be likely to make gains of £3,433, as both rental and house price growth slows.

Copyright © Press Association 2010

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