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Rents rise 'twice as fast as wages'

Private sector rents across England and Wales have risen twice as fast as wages over the last year, a major lettings network has found.

Private sector rents have risen twice as fast as wages over the last year, a major lettings network has found. Credit: PA

Average rents stood at £753 per calendar month in November, representing a 1.6% increase compared with the same month a year ago, according to LSL Property Services, which owns chains Your Move and Reeds Rains.

LSL compared the annual increase with Office for National Statistics (ONS) labour market figures showing that wages have risen by 0.8% annually, with pay before tax standing at £1,941 per month.