Property rental prices rise 3% in 2014

Rents in the private rental sector rose by three per cent in 2014, six times the latest rate of inflation, the latest figures from Your Move and Reeds Rains, both of whom are part of the LSL property services group show. The rise in rental prices reflects historically high demand from tenants for this time of year, supported in part by falling unemployment and rising wages. According to the data from the Your Move and Reeds Rains buy-to-let index, the average residential rent reached £767 in December, up from £745 the year before. In the East of England, Yorkshire & Humber, East Midlands and London there was no seasonal fall and new records were set. “In particular a jobs boom across the eastern regions of England has seen a larger than usual number of people relocating in the winter months,” said Reeds Rains and Your Move Director, Adrian Gill (left). “This has pushed up rental prices in these regions even further.” Rents are higher than a year ago in no fewer than eight out of 10 regions of England and Wales, led by the East of England, with a 7.6 per cent annual rise. The East Midlands has seen rents…

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