If you are a landlord or are considering buying a property to rent out to tenants then you may be interested to read that according to the most recent quarterly Rightmove Rental Price Tracker report covering the third quarter of 2016 there has been a significant increase in the number of enquiries being received from possible landlords/investors about buy-to-let properties.
According to the report there has been an increase of 30% in such enquiries being received by Rightmove since May of this year. We are sure that you will agree this is a considerable increase and is a turn around when compared to earlier in the year following the changes in stamp duty.
It is interesting to read that there has been an increase of 6% in the number of rental properties being listed by Rightmove in the third quarter of 2016 when compared with last year. This is potentially good news for tenants as there is believed to be a shortage of rental properties.
The report also details the average rent being asked nationally but excluding Greater London and also the average rent being asked in Greater London. For instance, with regard to the former, in the 3rd quarter of 2016, the figure was £779 per month compared to £775 per month in the 2nd quarter of 2016. That is a rise of 0.5% in a quarter. It is an increase of 3.2% on an annual basis. In Greater London, the average amount being asked in rental was £1,985 per month in the 3rd quarter of 2016 whereas in the 2nd quarter of this year it was £1,998 per month so there has been a drop of 0.7% when comparing both quarters. It is a drop of 1.5% annually.
The area of the country, not including Greater London, that had the biggest % increase in the amount being asked for rent on a year-on-year basis was Swansea where the average rental amount requested for a 2 bedroomed property was £623 per month in the 3rd quarter of 2016 compared to £565 per month in the same quarter last year. That is a rise of 10.2%.
The region in the UK that saw the biggest annual % increase in the amount being asked for rent was East of England. The average rental in the 3rd quarter of 2016 was £909 per month compared to £874 per month in the same quarter of last year. This was an increase of 4.1%.
We trust that those of you who are landlords or are thinking of becoming one have found the above information to be of benefit. The full report can be found on the website of Rightmove.