This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-25759847
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Rental costs fell in December, says LSL | Rental costs fell in December, says LSL |
(about 11 hours later) | |
The cost of renting a home in England and Wales fell by 1% in December compared with the previous month, a survey suggests. | The cost of renting a home in England and Wales fell by 1% in December compared with the previous month, a survey suggests. |
The annual rise in the costs for tenants also slowed to 1.5%, according to LSL Property Services. | The annual rise in the costs for tenants also slowed to 1.5%, according to LSL Property Services. |
Seven out of 10 regions saw rents fall on a monthly basis, with the sharpest fall in the south east of England (down 2%). | Seven out of 10 regions saw rents fall on a monthly basis, with the sharpest fall in the south east of England (down 2%). |
However, the south east remains one of the most expensive areas. | However, the south east remains one of the most expensive areas. |
Arrears | Arrears |
London was the most expensive, with an average rent of £1,131 a month, compared with an average in England and Wales of £745. | London was the most expensive, with an average rent of £1,131 a month, compared with an average in England and Wales of £745. |
Despite the falling cost of rent, a growing proportion of rent was unpaid or late in December. This represented 9.7% of all rent, compared with 6.6% in November. | Despite the falling cost of rent, a growing proportion of rent was unpaid or late in December. This represented 9.7% of all rent, compared with 6.6% in November. |
"The culprit is wages, which haven't kept pace with the rising cost of living for years," said David Newnes, director of LSL. | "The culprit is wages, which haven't kept pace with the rising cost of living for years," said David Newnes, director of LSL. |
The rental market has included a number of frustrated would-be buyers since the financial crisis, with many having to spend time as tenants while trying to raise money for a deposit. | The rental market has included a number of frustrated would-be buyers since the financial crisis, with many having to spend time as tenants while trying to raise money for a deposit. |
Government schemes and less stringent requirements from lenders have meant that some of these people have now been able to secure mortgages and get on the property ladder. | Government schemes and less stringent requirements from lenders have meant that some of these people have now been able to secure mortgages and get on the property ladder. |
Aaron Strutt, of mortgage brokers Trinity Financial, said mortgage lenders were also keen to attract more landlords as buy-to-let customers. | |
"Many of the banks and building societies are planning to ramp up their buy-to-let lending this year and some of the rates are not that much higher than the residential deals," he said. | |
A more comprehensive quarterly rental index from the Office for National Statistics will be published later in January. | A more comprehensive quarterly rental index from the Office for National Statistics will be published later in January. |
Previous version
1
Next version