According to the latest published figures, the average rent in England and Wales has risen for the sixth month in a row and is now at an astounding £705 per month. And with inflation currently at 4.2 percent, rents look likely to rise even further in the coming months. Obviously this is great news for landlords, but probably not so great for prospective tenants!
London saw the biggest rent rises, mostly thanks to the lack of available rental properties causing fierce competition, but rental prices rose throughout the South East in general. Only three regions declined: West Midlands, Yorkshire and Humber, and North East.
So as we can see, this is definitely a boom time for landlords and with such a buoyant rental market, landlords have all the balls in their court when it comes to setting rental prices for their properties.
Is it a good time to invest in rental properties as an investment?
Definitely! I have noticed a lot more affordable products appearing in the buy-to-let market now that the lenders have realised how strong the rental market has become in recent months. Which is good news if you are considering buying your first buy to let property.
However, do not be tempted to rush into the process without doing some research on the rental market in your area. Things are pretty good in my area, but as we have already said, this is not the case in ALL parts of the UK, so always do your homework before investing your valuable savings in rental property.
