This Is Money: Property rental prices rise for sixth month

Landlords increased their rents for the sixth consecutive month during July as the availability of properties to let remained tight. The average cost of letting a home rose by 0.5% during the month to £676, 2.3% higher than a year ago, according to lettings agent network LSL Property Services. The group said average rents were now just £12 a month cheaper than when they hit their peak two years ago, before the market was flooded by "reluctant landlords". Thousands of frustrated first-time buyers are being forced to rent for longer than they want to, as getting on the first rung of the property ladder is becoming increasingly hard, with high deposits and poor mortgage rates. However these tenants' finances were often in a better state and they were able to meet the increases in rents.