A shortage of rental property has been responsible for increases in the rents being demanded by landlords. According to the FindaProperty.com Rental Index the quarter to the end of June 2010 saw rents rising by 2.3% with the biggest gains being seen in Yorkshire and Humberside. In London the average rent is now £1,729 while across the whole country the average is £838- up from £804 in January.
A spokesman for FindaProperty.com said:
“Rents have gone from strength to strength during the first quarter of 2010. The resurgence of the selling market has left tenants short of options and the result has been increasing rental prices. We are beginning to creep towards the equilibrium between stock levels and prices at which the market is perfectly balanced and neither party- landlord or tenant can claim bargaining rights. Demand for property will remain strong as long as the lending market remains off colour”.
Landlords can save money on their let property insurance by shopping around.