Average monthly rent in the UK now stands at over £1,000 for the first time.
Average monthly rent in the UK now stands at over £1,000 for the first time.
According to a leading web based property blog aboutproperty.co.uk the leading cause was the mortage rate increases in the private rented sector where average rents rose four per cent in the first quarter of 2008, new figures from buy-to-let specialist Paragon show.
Over the last six months rents rose 12 per cent to an annual figure of £12,041.
The rising rents put further pressure on first-time buyers locked out of the mortgage market by the credit crunch until they can raise sizable deposits.
A third of landlords now report tenant demand is expanding rapidly – the highest level in nearly four years – as first-time buyers delay stepping onto the property ladder.
Some 58 per cent of landlords said demand was stable and strong.
Rising rents have masked the effects of falling house prices for landlords – with yields remaining stable at 6.3 per cent for the third consecutive month.
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