Lettings market gets better and better

With the continued difficulties facing first time buyers, the lettings market continues to grow, with this being the second year in a row for growth.

Our insurance providers Endsleigh have just released figures in a recent report, which state that whilst inflation fell to 3% in 2010 rental cost grew by 4%

Their results came about after studying market trends and the properties available on Letting agents books. Endsleigh found that overall the average rent was £688 per month, with London being the most expensive place to live, with the average rent there being £1372 which relates to an increase of 8%

Scotland had the lowest figures averaging in at only £299 per month.

Endsleigh’s report claimed that despite strong demand, they felt that rental costs could plateau in the coming months

Spokesman for Endsleigh Carlos Thompson said “"Our survey in April showed that two thirds of landlords won't be putting up their rents this year, I suspect the increase in rental prices in the last two years has brought rental prices in line with the market value, allowing costs to plateau this year."

Concluding he said: "The increase in cost of renting across the UK shows that despite the recession, the lettings market has remained strong, which is great news for landlords and letting agents."