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Late rental payments at five year low


The number of people who have fallen behind on their rent is now at a five year low, making this the healthiest month since this particular data was first recorded in November 2008.

LSL Property services claimed that late rent fell by £49 million between September and October, to 7.1% of total rent in England and Wales, compared with 8.5% in October. Furthermore, this data was adjudged to be particularly significant as the rental market has continued to grow to an all time high, averaging £758 a month nationwide.

However, despite rent standing at an all time high (1.9% higher than the same period last year), the average price is being inflated by rising prices in the south of England, as figures in seven out of the 10 regions are actually falling. For example, the average rental price in London is £1,156 a month, compared to £522 in the North East.

Additionally, The Council of Mortgage Lenders announced some similarly good news for house owners by reporting that the number of house repossessions is at its lowest for five years, with the number of late payments for mortgages also declining.

Other relevant figures show that more people in the UK are looking to buy as opposed to rent as the number of people inquiring about renting is now at its lowest for a decade according to the Royal Institution of Chartered Surveyors (Rics). However, this news does come as the Office of National Statistics announced that wages are still rising at a rate well below the level of inflation.

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