This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Average Advertised Rent Rises
The average advertised rent price increased by 4.5% on an annual basis during the third quarter (Q3) of the year, according to Rightmove.
The property portal reveals that the average advertised rent is now £762 per month across the UK, excluding London.
The average rent in Greater London is much higher, at £2,014 a month.
Rightmove’s research also found that for the highest landlord returns, head to Essex. It names Halstead in Essex as the top hotspot, with landlords earning a total return on investment (ROI) of over 26.3%.
Behind Halstead sit:
- Borehamwood, Hertfordshire – 26.1%
- Brentwood, Essex – 25.9%
- Cottingham, Yorkshire – 25.7%
- Purfleet, Essex – 25.1%
- Stevenage, Hertfordshire – 23.8%
- Bushey, Hertfordshire – 23.7%
- Henley-on-Thames, Oxfordshire – 23.4%
- Chatteris, Cambridgeshire – 23.2%
- Grays, Essex – 22.9%
Head of Lettings at Rightmove, Sam Mitchell, believes that rents could rise even further if landlords leave the market due to the clampdown on buy-to-let mortgage tax relief.
He comments: “It remains to be seen how much of an impact the new policy will have, but in the right areas and with proper advice and management, property remains an attractive investment.”1
1 http://www.propertyindustryeye.com/asking-price-rents-rise-and-the-only-way-is-essex/
