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Landlord Sentiment Strong as Rents Reach New Highs

New figures show 72% of landlords are planning to buy more properties to add to their existing portfolios, as strong demand for rented accommodation pushed rents to an all-time high in July.

New figures show 72% of landlords are planning to buy more properties to add to their existing portfolios, as strong demand for rented accommodation pushed rents to an all-time high in July.

According to new figures published by estate agency Your Move, the average rent across England and Wales surged 5.2% from the previous year and now amounts to £846.


The largest increase was seen in the South of England, where Londoners often choose to relocate to find more affordable accommodation, with a 15% year-on-year increase – bringing the UK’s average to £924.


London saw a year-on-year decline of 0.7%, although rents in the capital remain the highest across the country at £1,225. On the other hand, The Yorkshire and Humber region saw the lowest increase with the average rent now £565 per month.


Whilst many expected rents to fall in the wake of the Referendum vote, this has failed to materialise as demand for buy-to-let property continues to outstrip the available supply.


In fact, a separate report from the Royal Institution of Chartered Surveyors (RICS) shows tenant demand picked up considerably in July, whereas the number of properties available to rent declined.


Furthermore, Your Move’s report also includes responses from landlords with regards to their future investment plans, with 72% of the group claiming they had intentions of adding more properties to their existing portfolios.


Commenting on the results, Your Move’s director Adrian Gill said: “The UK’s vote to leave the EU has not caused any immediate change in the rental market, although we must wait for longer term trends to develop. For landlords, market sentiment remains positive with the vast majority still looking to add to their portfolio of properties, despite the Brexit vote.”


In other news, figures compiled by mortgage lender Halifax showed property prices across the UK rose by 6.9% in August.

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