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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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March 2013 Sees PRS Rents up by 0.5%

UK PRS Rents Increase Again

UK PRS Rents Increase Again

UK private rented sector (PRS) rents increased for the first time in five months in March 2013, led by busy regions such as London, according to LSL Property Services. 

The latest figures reveal that average monthly PRS rents rose by 0.5% in March compared with February to reach an average of £735 (GBP). 

London private sector rents surged to a new average high of £1,106 (GBP) per month, following a 1.3% month-on-month increase.

The study, which has been running for five years, is based on rents achieved on 18,000 UK PRS rental properties, show that average rents in the capital are now £81 (GBP) higher year-on-year.

However, the increase in rents has left a greater number of tenants struggling to keep up.

Tenants’ finances worsened to levels not seen since before Christmas 2012, with 8.5% of all rent late or unpaid in March, compared with 7.4% in February.

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Countrywide’s Quarterly Lettings Index Results

Survey Reveals Favourable Rental Market For UK Landlords

Survey Reveals Favourable Rental Market For UK Landlords

Results from the latest Countrywide Quarterly Lettings Index has revealed a favourable UK lettings market for buy to let landlords.

Countrywide’s Quarterly Lettings Index analyses rental prices, rent arrears and gross rental yields in the UK private rented sector and is the UK’s largest national lettings index based on over 50,000 properties across England, Scotland and Wales and the latest survey has uncovered a number of interesting statistics:

  • Average monthly rents in Inner London are the highest in the UK and four times more than in Scotland
  • Scotland has the cheapest rental accommodation in the UK and is the only region where arrears have increased
  • Average monthly rents increased the most in Wales and the East of England at 5.5%, followed by Outer London at 5.4%
  • Average UK rental yields of 6.2%, with Wales topping list at 6.7%
  • Rising rents, falling arrears and fast letting times provide perfect recipe for buy-to-let investors
  • Average rents have risen and rental payment arrears have fallen in Q1 2013 compared to the prior year.

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In a new report released this week, property group LSL have reported that UK asking price PRS rents have fallen for a second month running.

  • The average monthly Private Rental Sector (PRS) rent in England and Wales now stands at £705.
  • The biggest decreases were in the South-West and East Midlands on a monthly basis, with rents falling by 1.5% and 1.4% respectively.
  • Rents also dipped in London, falling by 0.3% – its second monthly decline in the first quarter of 2012.
  • Rents rose in two regions, increasing by 0.7% in the South-East and 0.6% in the East of England.

Despite a monthly decrease in average monthly rents, overall, rents have increased by 4.9% annually in London, the region with the fastest long-term growth. Despite recent declines, London’s average rent was 0.2% higher in March than at the end of 2011. The next biggest annual increase was in the East of England, where rents rose by 3.4%. On an annual basis, rents have only fallen in two locations, dropping by 2.2% in the East Midlands and 0.4% in the North-West.

David Brown, commercial director of LSL Property Services, said: “The recent dip in rents will be welcome news for tenants. However, drop-off in rents is likely to be short-lived. With the passing of the Stamp Duty deadline increasing the cost of moving, and banks’ funding conditions likely to limit high-value mortgage lending to first-time buyers, would-be buyers will be more reliant than ever on rented accommodation. As we head into a traditionally busier period for the market, a redoubling of tenant demand is likely to push rents higher once more, despite the improved supply.”

Contrary to ARLA, LSL says tenants’ arrears have been going down. In March, it estimates unpaid rent at £267 Million (GBP), down by 6% on February’s figure.

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