One would of imagined that, with the rise in accidental landlords, rents would have decreased in accordance with the laws of supply and demand. However, according to LSL Property Services, this could not be further from the truth.
They suggest that the price of renting a home has shot up to a record high during November. The average UK rent jumped to almost £700 per month. This is also the third month in a row where a new record has been set providing evidence that rents are heading northwards.
However, there are wide variations between regions in the UK as some parts of the country have seen steep rises while others have actually fallen. London has seen the largest rent increases this year at 9.2%, while other parts such as the East of England and East Midlands have seen reducing rents.
It may come as a relief to many people looking to rent a property that according to LSL, this upward trend will not continue. They suggest that the increase in rents in November have been the smallest month on month increase since rents began to rise earlier this year. This is a signal that perhaps rents are reaching their peak levels.