Rental prices reach record high

Rental prices are at an all-time high in Wales, at an average of £573 per month. Prices have risen faster here than anywhere else in the UK, apart from London, in the last year.

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Housing charity slams 'devastating' rent rises

Shelter has described the latest figures on rent prices as "devastating news" for renters.

As more people are priced out of home ownership and waiting lists grow longer, too many families are being left trapped in the unstable and expensive private rental market.

Every day Shelter hears from people who are having to cut back on essentials as they struggle to pay their rent each month. With wages flat-lining, the fact that rents have reached record highs means that even more people will find it harder and harder to make ends meet.

We need the Government to fix our rental market to provide more security and get on with building many more genuinely affordable homes.

– Roger Harding, Shelter's director of campaigns, policy and communications

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'Shortage of supply' causes rental prices rise

Rental prices are at a record high due to a shortage of supply in homes, according to the property company behind today's figures.

LSL Property Services owns chains Your Move and Reeds Rains, and says there has been "a new peak in tenant demand."

A new peak in tenant demand has driven rents to new heights, well above all previous records.

Higher rents in almost every region show that, despite government schemes, buying a first home is still a difficult aspiration.

This is not only down to low salary growth, but also a general shortage of supply - which is the underlying reason why homes are getting more expensive.

The long term-trend to renting therefore looks unlikely to change significantly in the near future, despite the better availability of finance compared to previous years.

– David Newnes, Director of LSL Property Services

Private rental prices reach record high in Wales

Rental prices have reached a record high in Wales.

The average monthly rent here was £573 in September.

The figures have been published by LSL Property Services, and reflect a rise that has also taken place in England.

Rental prices have been rising rapidly in Wales. Credit: PA

Private rental prices have risen by 3.1 per cent in Wales over the last year, a faster rate than every region of England, outside London.

The company says a growing demand for people wanting to rent has pushed prices up.

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