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Private rents have increased at an above- inflation rate of 4.2% over the past year across England and Wales, according to research from LSL Property Services.
They have released figures which show the average rent was £735 a month in March 2013, 4.2% higher than in March 2012. Inflation according to the consumer price index increased 2.8% over the same period.
The largest annual rent increases were in London, which saw a 7.9% increase to £1,106 per month, and Wales and the east midlands, which each saw increases of 3.9%. Rents increased in every area of England and Wales apart from the south west, which had a small decrease of 0.2%.
David Brown, commercial director of LSL Property Services, said: “This month witnessed even more divergence between London and the rest of the country. But the overall picture is clear. With only modest improvements in the UK’s housing supply, rents will keep being forced upwards.”
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