According to recent research from HomeLet, the cost of rent in most areas of the UK has fallen. Furthermore, more than 90% of landlords have no intention of increasing rental income during the opening six months of 2016.
The HomeLet Rental Index illustrated that the rent on new tenancies either remained the same or fell slightly in 10 regions out of 12 in the UK, during the three months to November this year. Outside of London, the average rent during that period was £743, slightly lower than the period from June to August. In London, the average rent had fallen by 1% to £1,544. Only two regions in the UK had experienced rent increases; the East Midlands and Yorkshire and Humberside.
HomeLet conducted a survey of landlords and discovered that 91% have no intention of raising rents during the coming six months, while just 34% of landlords may increase rents on their properties during the whole of next year.
According to the chief executive of Barbon Insurance Group, Martin Totty, most landlords are keen to retain good tenants, enjoying strong relationships with them. Only 4% of landlords surveyed said that they weren’t happy with their tenants, while 18% believe that having a high turnover of tenants is stressful. Totty added that many landlords would rather secure a good tenant for a long period of time, rather than seek extra income.
Making the decision to rent or buy a property can be complex, which is why a mortgage adviser who has taken CeMAP training may be sought to provide advice.
