Rents rise for second consecutive month, while rental arrears where down from April
Rental prices in London rose to record levels during May, according to the latest LSL Buy-to-Let Index.
Properties in the capital now command an average monthly rental cost of £1,038, a figure that was 0.6% up on the previous month and higher than the record prices of £1,033 posted last November.
Across England and Wales as a whole, rents lifted 0.4% to an average of £712 per month. These figures are up 2.3% on the same period in 2011.
Rental prices rose in the majority of regions with the top gains in the North West and East Midlands, where they rose 1.7% and 1% respectively.
Rental arrears figures improved month-on-month with 8.9% of all rent late or unpaid at the end of the month, down from 9.9%. Unpaid rent in May totalled £275m, down from £306m in the previous month.
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