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Landlords raise rents six months in a row

With high demand for rented accommodation, as house prices remain unaffordable for many, landlords have been able to charge more rent for the sixth month in a row.Since November last year, when an average rented property would cost £9,665, landlords are charging an average £1,307 more to tenants wishing to let accommodation.In May this year rents reached £10,702, which is one per cent higher than in April when the average rent would set tenants back £10,591.Meanwhile the continued demand for rented property is shown in the fact that 63 per cent of landlords said that demand was either steady or increasing, while rental yields have remained around six per cent over the past year.John Heron, managing director of Paragon Mortgages, commented: "Rents continue their upward trend. It may be that higher borrowing costs are feeding through into rises in rents, but more likely it’s a function of the strength of tenant demand. "The number of people who want to rent continues to grow - due to a range of social, economic and demographic factors, including growth in the student population, more single person households and inward migration."He concluded: "The UK housing market is characterised by a chronic shortage of supply of new homes. That means that house prices are almost certain to continue rising over the medium term. It also means that demand for private rented accommodation will continue to grow."

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