Fierce competition sees rents soar

Rents soared to a new high last month, with "fierce competition" from frustrated would-be home buyers continuing as the market enters its summer peak, a study has said.

The typical rent in England and Wales rose by 1% to £725 in July, surpassing a previous high of £720 per calendar month recorded in October last year, lettings network LSL Property Services - which owns chains such as Your Move and Reeds Rains - found.
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