Rents are continuing to rise, with tenancy demand increasing and supply falling.
Sequence, part of Connells, said this morning that average rents are up 7% on a year ago to stand at an average of £705 per month.
In London, the average monthly rent for February was £1,507.
Nationally, demand was up 7% compared with February last year, with supply down 17%.
Sequence, scaling up its own data from 300 branches, said that in London demand had grown by 34% annually, but supply had fallen 16%.
The firm also said that buy-to-let mortgage applications are increasing – up 7% on January, and 2% on February last year.
Comments (1)
Great news for investors and sellers; no reason why the market shouldn’t continue to do well and yields improve. With demand from tenants on the up, there will be a lot more landlords stepping forward! The rent increase is of course great for improved yields and ROI, and should help property be more favourably compared to other forms of investment. This is why we devised our portal, to highlight the yields on every Buy2Let listing!