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Average rent hits second highest figure on record

Average rent hits second highest figure on record

Category: Buy To Let

Updated: 20/09/2013
First Published: 20/09/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Rents across England and Wales climbed to the second highest figure on record during August, according to LSL Property's latest buy-to-let index.

This brings the average rent to £743, up 0.7% on July's figure, and 1.3% higher than August 2012.

Over the year, five regions out of ten witnessed rent rises, with London, where prices have climbed 4.8%, leading the price growth. This was followed by Wales, where prices are 2.3% higher than August 2012, and then the East Midlands, recording a 0.9% price increase.

In stark contrast, rents in Yorkshire and the Humber fell by 1.6%, closely followed by prices in the North West, which are down 1.5% when compared to a year previously.

Yields that the average buy-to-let landlord can expect to receive on rental property remained at 5.3% in August.

But the future looks bright for BTL investors, said LSL, with the property website predicting that if house prices continue to rise at the same pace as over the last three months, the average landlord can expect to see total annual returns climb to 13.1%.

This would be equivalent to £22,065 per typical property.

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