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Average PRS Rents Hit New High

Average PRS Rents Hit New High

Buy-To-Let Property Investors Benefit
From PRS Rent Increases

The average rent in the UK’s private rented sector has increased to approximately £757 (GBP) per month, the highest level ever recorded, as rental prices increase by 1.8% on the previous month.

The data is from the latest Buy-To-Let Index, published by LSL property services.

PRS rents are 2.1% higher than they were in September 2012 and tenant demand is still strong with lettings activity growing by 9.2% over the last 12 months.

Average PRS rents are now £13 (GBP) per month higher than the previous all time record set in October 2012, when monthly PRS rents averaged £744 (GBP) per month.

Nine out of 10 UK regions saw rents rise between August and September 2013 with the fastest monthly rise observed in the South East, where PRS rents are 3.3% higher than they were a month ago.

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Property Prices Increase As New Houses Built

Property Prices Increase As New Houses Built

Property Prices Increase As New Houses Built

On Tuesday, it was revealed that the Royal Institute of Chartered Surveyors (RICS), said 21% of its members had reported an increased workload during the second quarter of the year.

The poll, the most upbeat since the start of 2007, indicated that the reported recovery of the UK property market was widespread, with surveyors in almost all of the UK’s regions and industry sub-sectors becoming busier.

The best-performing regions were London and the South West, often referred to as the driving force behind the UK property market, while the worst region was Northern Ireland, the only part of the UK where RICS surveyors continue to see their workload shrink.

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Good news for landlords

Good news for landlords

There is a lot of Good News For Landlords Around As PRS rents Increase, Tenancies Last Longer And Demand Remains Strong

Good news for landlords as monthly PRS rents have increased by 1.1% year on year to average £845 (GBP) per calendar month (pcm). Scotland has witnessed the greatest rental price increase at 6.7% compared with the first quarter of 2013.

There has also been an increase in the number of older private rented sector tenants according to the latest quarterly index published by Countrywide lettings agency, who noted a 6% annual growth in the number of tenants over the age of 50 renting property in the UK private rented sector (PRS). The lettings agency also report that there has been a 7% annual decline in the number of tenants aged under 25 in the second quarter of 2013.

Buy-To-Let yields are strengthening across the UK, with the average yields being recorded in 3 regions:

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UK Residential Property Prices Are Still Increasing

UK Residential Property Prices Are Still Increasing

UK residential property prices increased by between 0.3% and 0.6% in June depending on which house price index is viewed

Figures released by Nationwide and Halifax have some disparity; however, both report that residential property prices are increasing. 

Nationwide report that UK residential property is valued 1.9% higher than a year ago with the typical UK home worth £168,941 (GBP). 

Halifax report that UK residential property is 3.7% higher than in the same three months of 2012.

The data from Nationwide shows that the southern regions of England, especially London, continued to record stronger rates of property price growth and London also tops the table of property price growth in the second quarter index.

Overall the price of a typical residential property is up 1.4% compared with the same quarter in 2012.

10 of the 13 UK regions saw annual property price rises in the second quarter of 2013, however, Northern Ireland is still the worst performing region with property prices down 2.1% in the second quarter of the year.

London property prices increased by 5.2% compared with the second quarter of last year and the city has seen the greatest recovery in property prices of any region with prices now 5% above their 2007 peak at £318,214 (GBP).

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Rental Yields Drop As UK Residential Property Prices Rise

Rental Yields Drop As UK Residential Property Prices Rise

Property Price Increases Wipe Out Landlord Rental Yields

Residential property prices are rising so fast that they are outstripping rental price increases and some private sector landlords’ rental yields are suffering.

Landlord rental yields in the UK private rented sector (PRS) have fallen almost everywhere in the UK, and any rise in the rental prices are being outpaced by rising residential property prices.

Countrywide have said that in May 2013, rental yields declined everywhere in the UK except in the East of England (up 0.2% to 6.2%) and Scotland (up 0.1% to 5.8)

Rental yields in the South-West and the Midlands remained the same at 5.7% and 6.5% respectively. The greatest rental yields in the UK PRS are being achieved by landlords who own rental properties in Wales (6.6%), the Midlands (6.5%) and the North (6.4%).

Average monthly rents on two- and three-bedroom properties in the UK private rented sector increased up by 0.5% and 0.3% in May to £770 (GBP)and £884 (GBP) respectively, but rental prices for one-bed properties fell by 0.6% to £674 (GBP) and rents on four-bed properties were also down by 2.1% to £1,363 (GBP).

Wales had the greatest increase in average monthly rental prices, up 4.9% on April 2013, followed by Scotland (up 2.2%), the North (up 1%) and South-West (up 0.5%).

Despite some regional increases, the average monthly rental price in England, Scotland and Wales fell by 0.2% in May 2013, but rents are still 0.8% higher when viewed year-on-year.

The Midlands has seen the greatest decrease in average monthly rents, down 1.4% month-on-month, followed by the South-East and central London, both down 1.3%. Scotland has the lowest average monthly rent at £617 (GBP) per calendar month (pcm) and central London the highest at £2,340 (GBP) pcm.

Countrywide have taken their data from over 5,000 rental properties in the UK.

Nick Dunning, Commercial director at Countrywide said: “Despite the decrease in yields in May, rental yields remain strong and are providing attractive returns for buy-to-let property investors compared to other types of investment.”

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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Residential property prices increase by 0.8% say Land Registry

Property Values Rise Again...Just!

Property Values Rise Again…Just!

Property prices across England and Wales grew by an average of 0.8% in July 2012 to stand at £162,900 (GBP), the Land Registry has reported.

Meanwhile, Nationwide reported that residential property prices shot up by 1.3% in August 2012.

Although the uplift sounds sizeable, it translates into a £340 (GBP) difference between July’s average price of £164,389 (GBP) and August’s £164,729 (GBP).

The data from the Land Registry means that UK residential property prices are now just 0.3% ahead of where they were in July 2011.

But the UK statistics were boosted by a monthly price rise of 2.7% in London, bringing annual house price inflation in the capital to 6.5%. The average house price in London now stands at £367,785 (GBP).

In Wales residential property prices also went up 2.3% during July, and there were also rises in East Midlands (1.2%) and theSouth-East and East (both 0.4%).

Contrastingly, property values fell by 0.1% in Yorkshire & the Humber , 0.6% in the South-West , 1.7% in the North-West  and 2.1% in the North-East during July.

The Land Registry’s latest data also shows an increase in property sales transactions. From February to May 2012, there was an average of 49,343 sales a month, up from 46,531 for the same period in 2010.

While London may prove to have the most expensive streets in the UK within Kensington and Chelsea ,  MyPropertyPowerTeam.com lists  the other expensive streets Lloyds TSB identified across England and Wales by region.

Property investors should be on the lookout for properties available in these top locations. Remembering the old adage of “buying the worst properties in the best streets” in order to maximise capital appreciation.

  • East Anglia

The most expensive streets in East Anglia are concentrated in Cambridge.
All are close to the main University area (particularly around the Botanic Gardens) in the CB2 and CB3 postal districts.
The most expensive street is Sedley Taylor Road with an average house price of £ 1,111,000. 

  • East Midlands

Valley Road in the Nottingham suburb of West Bridgford is the most expensive street in the East Midlands with an average price of £823,000. Unlike in other regions, the most expensive streets in the East Midlands are spread around the region in towns such as Northampton (Golf Lane, £795,000), Leicester (Swithland Lane, £675,000) and Belper (Hazelwood Road, £790,000). 

  • North

Seven of the ten most expensive streets in the North are in Newcastle, with many of them in the Jesmond and Gosforth areas.
Graham Park Road is the most expensive with an average price of £1,228,000 followed by Oakfield Road (£896,000) and Darras Road (£750,000). 

  • North West

The ten most expensive streets in the North West are all in areas south of Manchester.
Withinlee Road in Prestbury is followed by Macclesfield Road in Alderley Edge (£1,320,000) and Torkington Road (£1,285,000) in Wilmslow. 

  • South East

Five of the ten most expensive streets in the South East are in Surrey. Properties on Leys Road in Leatherhead have an average price of £3,108,000 (highest outside London).
Other expensive streets in the region include Moles Hill in Leatherhead (£2,608,000), Nuns Walk in Virginia Water (£2,574,000) and both Phillippines Shaw (£2,352,000) and Wildernesse Avenue (£2,293,000) in Sevenoaks. 

  • South West

Poole has six of the ten most expensive streets in the South West.
Brundenell Avenue in Sandbanks in Dorset has an average house price of £2,024,000 and is the most expensive street outside of London and the South East.
Sandbanks is well known for commanding premium property prices, with Chaddesley Glen (£1,443,000), Crichel Mount Road (£1,415,000), Elms Avenue (£1,366,000) and Bingham Avenue (£1,310,000) all having an average price above £1 Million (GBP). 

  • West Midlands

Four of the ten most expensive streets in the West Midlands are in Solihull. The most expensive streets are Quarry Park Road in Solihull (£1,070,000), Rosemary Hill Road in Sutton Coldfield (£990,000) and Alderbrook Road in Solihull (£939,000). 

  • Yorkshire and the Humber

The most expensive streets in Yorkshire and the Humber are all located in the area that makes up the “Golden Triangle” between Harrogate, Wetherby and North Leeds.
The region’s most expensive street is Bracken Park in Scarcroft in Leeds with an average price of £934,000, followed by Wigton Lane in Leeds (£840,000) and Orchard Close in York (£800,000). 

  • Wales

The most expensive street in Wales is Druidstone Road in Cardiff with an average house price of £685,000.
Eight of the ten most expensive streets in the Principality are in Cardiff and Swansea; the remaining two are Gannock Road in Conwy (£677,000) and Glasllwch Lane in Gwent (£485,000).

The latest UK report from Rightmove has found property asking prices in the South are now more than double the property asking prices in the North, creating a record divide.

Home owners in the South are putting their homes on the market for £336,743, compared with £164,347 in the North, sparking thoughts of a “two-tier twist” that could stall more widespread growth in the UK property market.

The monthly index revealed an overall 2.8% increase in asking prices, a jump of £6,533 from mid September to reach £239,672 in mid October.

The whopping £170,000 difference in property prices is the largest (in monetary terms) since Rightmove’s records began in 2002.

The property price rise was driven by the South, including London, the South East, the South West and East Anglia, which experienced a 4.7% overall upsurge in property values.

Meanwhile, the North (including Wales), the West Midlands, East Midlands, Yorkshire and Humberside, the North West and the North of England, saw property values go the other way and prices fell back by 0.7% in the space of a month to levels similar to May 2005.

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