London rents rose by 1.1% in September to reach all-time high, according to the latest Buy-to-Let Index from LSL Property Services.
In September, UK rents rose to £689, surpassing those seen in August 2008, the previous market peak. The average UK rent is now 3.1% higher than the same time last year, following eight consecutive months of rises. The average yield remained stable at 4.9% in September, as rising rents were matched by small house price growth in the past three months.
LSL Property services analysed 18,000 rental properties and tenancies from around the UK to determine rents, arrears and voids. Figures for the whole country were inferred by scaling up from LSL’s market share.
David Brown, commercial director of LSL Property Services plc, said: “Landlords have seen tenant demand continue to hit new heights. The mortgage market remains tight and many buyers simply cannot get the finance to get a foot on the property ladder. And with potential spending cuts on the horizon
