Rents in England and Wales rise 1.6% month on month in June
Landlords across the UK property market's private rented sector are continuing to see the prices they can command for their stock rising, giving them a stronger return on investment once again, it has been revealed.
According to the latest report released this week by Your Move in its buy-to-let index, the price of renting property in the UK rose in June by some 1.6 per cent when compared to May. This shows that the market still has real strength and the ability to continue to push forward even in the face of political uncertainty and Brexit.
The average cost of renting a property in the UK now, therefore, stands at £872 per calendar month, which means that over the course of the last year alone, the price of renting a property has increased by 2.1 per cent. At a time when the UK has been dealing with upheaval and change, it's impressive that demand for rental homes has managed to keep to such a level, pushing forward the sector.
It was discovered that the best improvements in rental price over the past year were in the East of England, where the average price climbed by some 3.6 per cent year on year. This was compared to the south-west, which experienced the biggest falls in rental prices, where they were down by 2.6 per cent when compared to last year.
"Compared to May, rental prices have held firm or continued to increase, suggesting that recent political turmoil has had little immediate impact on renters," said said Richard Waind, Your Move director.
"The squeezing of yields in recent times may also be showing signs of ending as landlord returns remain relatively stable with the North East and North West, in particular, performing well."