August saw a record increase of 1.2% in the cost of UK property rentals. Per month, the average rent now stands at an all-time high of £713. This marks the largest rental increase since August 2010.
It appear likely that rental costs will rise even further, with the number of successful mortgage applicants remaining low and competition for rental accommodation staying high. The total annual returns on a rental property rose during August to 2.6%.
As a result of higher prices, rental arrears, which stood at 9% in July, jumped to 10.7% in August, indicating the mounting financial pressure that tenants are currently facing. Some predict that arrears will become an increasing financial concern for landlords, in light of growing inflation and an uncertain economic future.
Rent rise is fastest for a year, says LSL - BBC News