Rent soars to three-month high

Rents across the UK hit a new high for the third consecutive month in November, according to research.

The average UK rent currently stands at £692 per month, according to lettings agent network LSL Property Services.

It is the tenth month in a row that rents have increased in the country.

However, the latest growth is the lowest month-on-month since the first increase in February, signalling that this may be the last hike in rents.

Increases have already ended in several parts of the country, with the cost of renting a home dropping by 3.1% in the east of England and 2.4% in the East Midlands during November, while rents were 1.9% lower in the South East and 0.6% down in the North West.

Overall, the increase in the national average rent was largely driven by a 1.8% jump in London, where the cost of renting a property has soared by 9.2% during the past year.

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