"Buy to Let Rents Still on the Up"
Buy to let rents are still rising and are unlikely to stop any time soon despite hitting a record high after increasing for the sixth month in a row.
The average private rented home in England and Wales costs a tenant £705 a month – according to LSL Property Services, the UK’s biggest letting agent that owns brands Your Move and Reeds Rains.
Rents are now just under £30 a month higher than 12 months ago, with yields at 5.2% compared with 4.8% a year ago. Continue reading Buy to Let Rents Up for the Sixth Month in a Row
Homelet's latest rental index show rents are still up
Rents are still trickling up, according to Homelet’s latest Rental Index for July as the average rent rose to £767 up from £750. The whole of the UK saw rents rise, with the exception of Scotland and the North West of England, with the South West seeing a rise of nearly 5% from £734 to £770.
Although the average salary has risen, the month previous saw a drop while rents continued to rise.
London again saw a hike in rent prices, rising to an average of £1,154 a month. This has further pushed distance between the comparison to the rest of the UK; London now stands at 50.5% higher than the rest of the country.
HomeLet’s Managing Director John Boyle believes times are tough for London renters- “It seems tenants in Greater London are feeling the pinch more than anywhere else in the country; not only have their average salaries dropped from £37,287 to £36,659 over the past month – but rents have also grown a further 3.5% higher than June – now standing at £1,154.
“Even when compared to the figures from July 2010, a healthy 9% rise in salaries from £34,087 is overshadowed by a crippling 11.6% increase in monthly rental costs over the same period.”
Homelet also found that retired renters are becoming more common, and there was a 16% increase in 66-70 year-old renters selling-to-rent. Younger renters are down though, Homelet found a decrease of 7% on last July’s figures.
London rents are miles higher than anywhere else
London landlords are picking up rents that are double the average for the rest of the country.
The capital is streets ahead of the rest in terms of rental costs – with average rents of £1,372 per month compared with an average £688 elsewhere. Continue reading London rents soar to double the UK average
Homelet’s latest rental index show rents are still up
The latest HomeLet Rental index has shown that landlords in Greater London are charging 50% more than the rest of the country.
The month on month index has also found an increase in younger renters, the opposite to last month. No age range saw an increase in renters except those under the age of 25. Nationally, the renter average age of renters has also continued to drop. Continue reading Landlords Still enjoying Increasing Rent Prices