Rental Market stronger than ever with a further 2.5% increase over the past year
At VitalSpace Estate Agents we have seen rental prices increase year on year bringing more value to our growing landlord portfolio. This was supported by the recent statistics released by the Office for National Statistics Index for Private Housing Rental Prices who stated that on average tenants paid an additional 2.5% over the past 12 months.
Private rental prices increased nationwide over the last 12 month period, taken from June 2015, with England seeing the largest increase of 2.5%, Scotland 2.1% and Wales 0.8%. This increase was emphasised by the booming London market, with overall rental prices growing by 3.8%.
With increases in property prices in the Urmston and surrounding areas has resulted in a continuation of more and more young professionals looking to rent in the area, showing almost same numbers as Aruba homes for rent. This has often meant that properties for rental don’t remain on the market for more than a few days and it is first come first serve with demand often outstretching availability.
This rise in rents is not likely to slow down anytime soon. Each end of the chain is being pinched with Landlords also facing growing costs to maintain their properties. The prospect of interest rates rising combined with a cap being introduced on mortgage interest tax relief as described in the new Budget means that we expect to see more pressure being placed on our Landlords to increase their rents to claw back some of their profits from their investment.
It is very evident to see that the rental market has increased according to a study made by apexinvests.com, as more and more people delay buying due to financial restrictions and rising property prices. The ministers urgently need to look at how they can control the cost of rental living for all whilst also investing in affordable new homes to reduce the overall demand in the rental market.
If you would like VitalSpace Estate Agents to assist with your rental property please contact us.
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