Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
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Rents continue to rise...

Is there no end in sight to the current rent rises?

Rents have risen for the last sixth months in a row, to a new record high. The new record-breaking high in rents has been recorded in the latest buy-to-let index from LSL Property Services, which analyses over 18,000 properties on their books.

In July, the average rent in England and Wales rose by 0.6% to £705 per month, surpassing the previous high of £701 in June. With annual inflation at 4.2%, the average rent is now £29 pcm higher than July 2010. The average yield reached 5.2% in July, up from 4.8% a year ago.

With this information available tenants are still anticipating further rent rises, with one in six expecting rents to go up by more than 10% over the next 12 months. A new Rightmove survey found that over half (53%) of all tenants expect rents to rise, including 17% that predict rents will be more than 10% higher.

Both figures are the highest Rightmove has recorded in the last two years of its regular consumer surveys. Tenants’ sentiment is also changing. In Rightmove’s last survey, half of tenants (50%) were forecasting rental price stability in Q3, but now just a third hold this view (35%).

Rightmove director Miles Shipside said: “Tenants’ pain is a landlord’s gain.” He added: “In spite of the rising rent environment of the last two years, the majority of tenants still expect to pay even more a year from now.

Should you have any questions in relation to Lettings, please do not hesitate to contact us on             0121 458 7227      .

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