by Helen Geraghty

Kent estate agents say there has never been a better time to buy a home to let it out, as rents rise to a new record high.

The latest Buy-to-Let Index from LSL Property Services shows that rents in the South East rose by 5.3 per cent in the last year, compared with a nationwide rise of 4.4 per cent.

Debbie Pennell at Robinson Michael & Jackson's North Kent Letting Centre says there's now an acute shortage of landlords.

She said: "We have a healthy stream of tenants coming to us, with demand for every type of property from studio flats to four-bedroom houses.

"With a lack of supply, it's no surprise that existing landlords are able to increase their rents.

"Now is an excellent time to become a landlord so we're urging sellers who need to move quickly to consider letting their property, and those who might unexpectedly be in possession of a property to join the 'accidental landlord' phenomenon."

David Anthony, Director of Martin & Co lettings agency in Canterbury, says: "The rental property market in East Kent remains increasingly buoyant and is mirroring the national picture, where average rents are now £30 per month higher than in May 2010.

"The average yield for landlords hit a record high of 5.1 per cent in May.

"The soaring cost of living, combined with the difficulty first time buyers face in saving sufficient funds for a deposit or obtaining a mortgage, is increasing the number reliant on rental accommodation."

David Newnes, of LSL Property Services, owners of Your Move and Reeds Rains, said: "Tenant demand has been especially bubbly in recent months.

"The rocketing cost of living, combined with on-going difficulty first-time buyers are experiencing in obtaining a mortgage, is increasing the number reliant on rental accommodation.

"With the fierce competition for homes, rental gazumping is becoming more commonplace and properties are being let beyond asking price, putting further upwards pressure on the market."