Taylor Scott International News
UK rents are rising fastest for three bedroom homes with 4.6% year on year growth in August compared to a rise of 3.3% for all UK properties, according to a new index. The new index from Landbay Rental is the first to track rental trends to the county and London borough level in combination with the number of bedrooms. Areas where three bed rental growth is highest are mainly located within commutable distance of London, such as Windsor and Maidenhead up 22% to £1,936, Southend on Sea up 20% to £1,121 and Swindon up 13% to £813. The data shows that across the UK as a whole, rents climbed by 3.3% in the last year to £1,281 and this is well ahead of inflation but while rents continue to climb year on year, the rate at which they are growing has eased from a high of 4.9% in February. It also points out that average UK rents fell between May and July 2015, with August seeing the first monthly rise in rents since March. Across all property sizes, the top rental rises outside of London were Southend on Sea up 12.6%, York up 12.1% and Wrexham up 11.1%. At the other end the biggest fall was in Cheshire were rents were down 6.9%, Aberdeen City down 5.7% and Buckinghamshire down 3.5%. ‘At the national level, rents performed very strongly in 2014 after a dip in 2013. This year has seen rents continue to grow, but at a slower rate. The macro trends at the national level aren’t uniform when you drill into the local level and look at different types of property, which is why we want to establish a rental index that gives landlords, tenants and others interested in the private rented sector access to a more granular level of insight,’ said John Goodall, chief executive officer of Landbay. ‘For investors in the private rental sector, our data makes family homes in the south east look like an attractive proposition. As well as performing well now, rents for three bedroom homes saw the smallest falls when rents dipped in 2013. The challenge for investors looking to benefit is finding suitable properties for professionals at a cost that produces a good yield,’ he added. Taylor Scott International
Taylor Scott International, Taylor Scott
