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Landlords rake in higher rents.

The UK's "Generation Rent" is shelling out even more to landlords.

The latest HomeLet Rental Index shows average rent on new tenancies, excluding Greater London, is 2.3% higher than last July at PS779 per month.

London rents climbed 4% to PS1,599.

HomeLet said landlords had been able to secure the higher rents despite Brexit economic fears.

Martin Totty, boss of Barbon Insurance Group which runs HomeLet, said: "Ultimately, rents will be determined by supply and demand in the private rental sector.

"What we know is that population growth will continue to increase demand and that housing stock isn't growing quickly enough to meet it."

Totty said the fall in sterling could open the door for more foreign landlords. "There could be renewed interest in London and other cities," he said.

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Title Annotation:Features
Publication:The Mirror (London, England)
Geographic Code:4EUUK
Date:Aug 9, 2016
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