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Rents Growing Faster In Northern Cities Than Down South

If you are a landlord who is considering increasing his or her portfolio of investment properties to let out or are considering becoming a landlord then you may find the Countrywide PLC Monthly Lettings Index for September 2016 of interest.

In the year to September 2016, the biggest % rise in rental income on homes took place in Manchester

Manchester saw the largest % rise in rental income for homes in the 12 months to September 2016.

The index shows that, in the 12 months to September 2016, in northern cities (Yorkshire and Humber, North East, North West and Scotland) rental growth went up by 6.4% from an average monthly rent of £790 in September 2015 to an average monthly rent of £841 in September 2016. However, in Southern Cities (East of England, South West, South East and London), over the same period, rental growth only rose by 1.8% from an average monthly rent of £1,060 to an average monthly rent of £1,079. That is a variance of 4.6%.

Manchester witnessed the biggest % growth in rental over the above 12-month rental period with an average rise of 7.1% for new lets. The average monthly rent in Manchester was £802. 12% of homes in the city were let within 24 hours.

In second place was York with an average % increase of 6.8%. The average monthly rent in York was much higher than Manchester at £1,054. 15% of homes in York were let within 24 hours.

In third spot was Leeds with an average % increase of 6.6%. The average monthly rental was £688 and 10% of homes were let within 24 hours.

Cardiff was in ninth place with an average % increase of 4.3%. The average monthly rent was £601 in Cardiff and 11% of properties were let out within 24 hours.

Edinburgh was in twelfth place with an average % rise of 3.3%. The average monthly rent was £997 with 14% of homes being let out within 24 hours.

London was in eighteenth spot with an average % rise of 1.6%. The average monthly rental was £1,313 with 10% of properties being let out within 24 hours.

You can peruse the index on the Countrywide website where there is a lot more information available that may interest existing or prospective landlords.

Posted on: November 3rd, 2016 by The Blog Team

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