Rents continue to increase
Rents across the country have increased over the past 12 months,
according to new figures.
Data from Belvoir shows the cost of renting has risen by 5.75 per
cent to an average of £770 per month.
However, the increase is not across all regional areas, with some
parts of the South East reporting a slight downturn in prices,
while the East Midlands and Yorkshire saw a more substantial rise
of seven per cent.
Figures also reveal since 2008 rents have moved in line with wages
and that increases have been reasonable paced, but this could be
set to change.
Belvoir chief operating officer Dorian Gonsalves explained there
have been some rises in areas where properties are in shortages,
especially following the recent changes in stamp duty on buy-to-let
He added: “As a result of this stock shortage, properties are
often rented to the highest bidder, typically the wealthier tenant,
which is raising rents beyond the traditional four per cent to five
per cent plus or minus trend.”