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Cost of renting at all time high

Tuesday, 11 September 2007 12:00 AM

The cost of renting a property is now higher than ever before according to new research released today.

Renting the average house in prime central London cost a tenant some £819 a week during the second quarter of 2007, according to the Association of Residential Letting Agents (ARLA).

This falls to £345 across the south-east and £230 in the rest of the country.

The ARLA reports rent levels have increased in all areas, continuing a trend beginning in early 2007.

Tenant demand is now higher than supply in all areas of the country, even as the number of buy-to-let landlords increases, according to the organisation.

The trend marks a return to the traditional cycle of slowing house prices leading to an increase in rental demand.

"These figures are consistent with the traditional cycles that are always underlined by the private rented sector when house prices soften. Demand for rented accommodation rises," commented ARLA operations manager, Ian Potter.

"Once again, the sector is acting as the only viable safety valve for housing as a whole and bridging the gap between owner-occupation and the various provisions for social housing."

As many as 73 per cent of tenants stay in the same property for between ten and 18 months, with the average tenancy 16.3 months across the country.

This rises to 17.7 months in prime central London.

The average void period for property now stands at 23 days annually, marking a fall from the average of 31 days during the winter of 2004/2005.

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