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March 2013 Sees PRS Rents up by 0.5%

UK PRS Rents Increase Again

UK PRS Rents Increase Again

UK private rented sector (PRS) rents increased for the first time in five months in March 2013, led by busy regions such as London, according to LSL Property Services. 

The latest figures reveal that average monthly PRS rents rose by 0.5% in March compared with February to reach an average of £735 (GBP). 

London private sector rents surged to a new average high of £1,106 (GBP) per month, following a 1.3% month-on-month increase.

The study, which has been running for five years, is based on rents achieved on 18,000 UK PRS rental properties, show that average rents in the capital are now £81 (GBP) higher year-on-year.

However, the increase in rents has left a greater number of tenants struggling to keep up.

Tenants’ finances worsened to levels not seen since before Christmas 2012, with 8.5% of all rent late or unpaid in March, compared with 7.4% in February.

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