The rental market continues to show strong signs of growth outside London for the last four and a half years! The average cost of renting a home outside London rose by 3% year-on-year in the previous three months of 2021, with the average rent being £780 per calendar month.
London continues to struggle with the average rental figure being 9.4% lower than 2020.
High levels of demands from tenants looking to move out on their own or not being on shared accommodation has increased, meaning that the average rental property took only 16 days to LET.
Rental growth hit a 10-year high in the East Midlands, North East, South West and Wales.
Year-on-year, the East Midlands showed a rental increase of 4.8%, with the North East standing at 5.5%, South West at 5.3% and Wales at 3.8%.
Demand for rental homes saw an increase of 59% in April compared to last year, with more people looking to have their own space since the first national lockdown.
Rental demand, alongside the Stamp Duty Holiday (except the 3% Stamp Duty for additional homes), allows Landlords to continue investing in the Buy-To-Let market.
Supply vs demand means that rents are expected to increase, giving Landlords a greater return on their investment.
If you are an experienced Landlord with a property portfolio or are a budding investor looking to get onto the property ladder, our property investment team bring a wealth of experience to manage and maximise your return on investment. Speak with us today by calling 0116 275 888.