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New Data Reveals UK Private Rental Sector Hotspots

New Data Reveals UK Private Rental Sector Hotspots

Private Rental Sector Rents Continue To Rise
In 10 Out Of 12 UK Regions

New data published by HomeLet has revealed some UK private rental sector hotspots for property investors and portfolio landlords to consider.

In some areas of the UK PRS rents have continued to increase, despite all the doom mongering that is going on in the media, with rents increasing by the most in:

  • Leicester – PRS rents up 45% on 2013
  • Southall – PRS rents up 38% on 2013
  • Cambridge – PRS rents up 24% on 2013

Meanwhile other parts of the UK witnessed the biggest falls in rental prices in 2014 on new rental agreements with the biggest rental price falls recorded in:

  • Colchester PRS rents Down 24% on 2013 prices
  • Croydon – PRS rents down 23% on 2013
  • Brighton – PRS fall 18% lower than 2013 prices.

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Summer 2011 and in UK mortgage news from the Council of Mortgage Lenders is just more of the same…

Gross mortgage lending in the UK staggered up to approximately £12.6 Billion (GBP) in June 2011, a rise of 16% on May 2011, but still down 3% year-on-year, according to new data from the Council of Mortgage Lenders (CML).

Quarterly data shows the same pattern, with gross lending in the 2nd quarter of 2011 up 11% on the first three months of the year and down 3% on the same period of 2010.

The CML’s chief economist, Bob Pannell, said: “The UK economy continues to experience disappointing economic growth, strong consumer price pressures, falling disposable incomes and an uncertain jobs market. This backdrop weighs negatively on purchase decisions relating to home ownership.”

According to Mr Pannell households are still not repaying their mortgage debt quickly enough. UK households have made progress in bringing down mortgage debt over the past year or so, mainly because of the restrictions on new mortgage lending, unsecured write-offs and nominal income growth.

The CML remains confident that recent “emotive” headlines on repossession prospects are overplayed, given that large interest rate rises are off the agenda as far as the recovery of the UK economy is concerned.

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