Great news for Landlords! According to Homelet, one of the nations largest providers for tenant referencing, national rents are up by 1.7% (excluding London).
Commenting on this month’s data, Martin Totty, chief executive at HomeLet, says:
“Average UK-wide rents continue to increase year-on-year broadly in line with the current rate of inflation and the growth in average wages, meaning affordability in most parts of the country is little-changed.
“The exception is London and the South East, where average rents have increased above both inflation and average wage growth. In contrast to house price trends in this region of the country, activity levels in the private rented sector remain resilient. Landlords committed to the sector here seem able to command higher rents, potentially providing some offset to the negative headwinds of taxation changes some will have experienced.”
Due to the volume of information Homelet receive in relation to rental prices in the UK, their rental price index is often considered one of the most comprehensive. Matin Totty the CEO of Homelet explains a little more about the index in this video.
The average rent in Hinckley & Nuneaton is currently sitting at an average yearly variance of 1.55%. You can view Homelet's rental price index here.
Concerns have been voiced by the industry following an announcement made by the government relating to the abolition of AST'
We will finally have a regulator with the power and funding to be able to truly increase standards and drive out rogue agents.
Social and private landlords (or agents) will now be required to ensure that a property and its common areas are fit for human habitation.
There are many things to consider when renting out a property. If in doubt, employ an ARLA Propertymark agent to look after your property.