The latest Report from the Office of National Statistics shows that UK rents have risen by 2.7% in the past 12 months, The Buy2Let Shop has found.
The latest figures show that every country in the United Kingdom has seen a rent increase in the past year, and that the pace of change across the country has increased since the start of 2015.
The rise now means that a property which would be worth £500 a month is now worth £513.50 per month – the fastest rise since October 2012.
In Scotland, rents rose by 1.6%, whilst in Wales they were up by 0.5%. Rents across England saw a rise of 2.8% – mostly due to prices in London which have risen by 4.1%. Stuart Law, the CEO of Assetz for Investors, a specialist buy-to-let agency, expects landlords to prosper in 2016 despite anticipated rises in interest rates.
He told the Guardian: “Landlords are likely to benefit from even faster rental price rises next year according to the upward ONS trends.
“With many young professionals seeking a base close to their place of work and the amenities of central London, renting is the most attractive option.
“It is now a positive lifestyle choice for an increasing number of people. However, the prolific lack of both supply and variety of homes means competition from those searching for the ideal property is fierce, allowing for rental prices to increase significantly.”
The Buy2Let Shop
The Buy2Let Shop are the UKs leading estate agent for investment grade property and along with our sister company “The Buy2Live Shop” we offer professional and friendly services to vendors looking to sell their home to investors looking to build their portfolio.
Through our national advertising campaigns and huge network of contacts, we connect buyers with sellers and unlike most high street estate agents, we not only have a large number of listed buyers looking for find their dream home, we also have a database of retained investors, with proof of funds and finance in place.