Cost of renting rising faster than inflation

According to a survey carried out by LSL Property Services, the cost of renting a home in England and Wales rose faster than inflation in the year to August. The average cost to rent increased by 1.1% in August compared with July, with the total increase for the year reaching 2.4%. According to the figures, average rent is now  £761 a month. The data from the survey suggested that seven out of 10 regions had seen rent rises over the year. This was led by a 3.5% increase in the south-west of England, 3.4% increase in south-east of England and a 3.3% rise in the north-west of England. Campbell Robb, chief executive of charity Shelter, said: “Successive governments’ failure to build enough affordable homes and soaring house prices are leaving more and more families with no choice but to live their lives in expensive and unstable rented homes, never certain of what the future holds.” The report comes not long after the figures from the Office for National Statistics, published in July, said private rental prices paid by tenants in Britain rose by 1% in the 12 months to June. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Setfords Solicitors are a national full service law firm, with landlord and tenant solicitors in Guildford and across the country.