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Strong demand pushes up rents
The Association of Residential Lettings (ARLA) has recently published the results of a survey with over 400 letting agents responses. It highlighted the continuing rise in demand for rental properties, particularly in Greater London and the South-east. One of the major reasons for the increase in demand is partly due to the lack of more affordable homes and the belief of many prospective buyers that the price of property on the market at the moment is likely to come down. Many buyers have deposits are are waiting for some clarification on house prices with the worry of landing themselves in negative equity.
Strong demand from tenants has pushed rental incomes up and the average price for a home in England and Wales has now gone through the £1000 per month barrier. The average rent for a house in London is £3,000 and £2,000 for a flat. The time in which tenants remain in a rented property has increased from 16.1 months to 16.3 months and is empty for only 22 days between tenants, 2 days less than previously.
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