Rents rise in region says new report

Cost of rent rises in the East
Cost of rent rises in the East Photo: PA

The cost of renting a home in the East of England has risen by more than four per cent in the last year says a new report.

The survey by the Royal Institute of Chartered Surveyors (RICS) says the increase could be down to prospective house buyers being unable to find suitable homes.

RICS residential lettings survey (May-July 2012) found the cost of renting a property has grown by 4.5 per cent over the last year.

In the three months to July, the amount of new properties coming on to the market dropped significantly.

Meanwhile, rental demand continues to grow in the area, albeit at a much slower pace than in recent quarters.

Peter Bolton King, RICS Global Residential Director, commented: “It is interesting to see that the huge growth we have seen in demand in recent years has started to gradually slow.

"While tenant interest is still riding high, what remains to be seen is whether many are willing to meet the increasing rents being demanded by landlords."