UK rents surpassed their pre-downturn peak in September to reach a record high,  according to the latest Buy-to-Let Index.

In September,  UK rents rose to £689,  exceeding those seen in August 2008,  the previous market high.  The average UK rent is now 3. 1% higher than at the same time last year,  following 8 consecutive months of rises.
The average yield remained stable at 4. 9% in September,  as rising rents were matched by modest house price growth in the past 3 months.

Demand for rental property is increasing and supply is not rising fast enough to match it.  This has turned the buy-to-let market into a landlord’s market all of which makes it more costly for the renter struggling to build up a deposit to purchase a property.

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Tags: House Prices, Property Rent

This entry was posted on Friday, October 15th, 2010 at 8:41 pm and is filed under Economy, Finance, Financial News, Recession, Tenants. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.