UK Rent Rates Increase in June 2011

The latest report published by LSL Property Services on Monday, July 18th suggests that rent rates in UK exceeded 700 pounds in June 2011.

Rent rates in England and Wales rose to 701 pounds, which is 0.7% and 4.1% more than in May 2011 and June 2010 respectively.

London rental property is available for even more: rates have reached 1006 pounds in June 2011, which is 6.9% up from the rates registered at the same time last year.

Landlords' yield jumped to 5.2% last month as a result of declining house prices and growing rent rates.

According to LSL Property Services, there were only 3 UK regions that saw rent rates falls. Those were the East Midlands, the South East and Yorkshire.

Commenting on the findings, David Newnes of LSL Property Services, said that "we’ve had five successive months of rent rises, but there is no sign of a let‐up anytime soon. In the long‐term, there is an even smaller chance of a significant slowdown. Just 102,570 new homes were completed last year – at a time when the UK’s population increased by nearly half a million."