Tuesday, 1 November 2011

Landlords are laughing all the way to the bank

Buy-to-let landlords are filling their pockets as rents hit record highs. The mortgage famine means rising numbers of people cannot afford to buy and so demand for rental accommodation sharply exceeds supply.

Average monthly rents across 18,000 properties in England and Wales are now £718 per month – or £29 more than a year ago – according to LSL Property Services, Britain’s biggest letting agent and owner of Your Move and Reeds Rains.

Sceptics may suspect landlords of trying to talk up rents, but the housing charity Shelter describes private rents as “unaffordable” for families on average earnings in 55 per cent of local authority areas. The charity says acute shortages of social housing have forced people who would normally qualify for subsidised housing into the private sector, raising demand and rents.

Click here to read the full story Landlords are laughing all the way to the bank