Inconsistency in rent rises say Landlords

Rental rates from professional landlords have seen yet another increase, according to a report in moneyfacts.co.uk with letting agents continuing to see a rise in popularity.

Paragon one of the UK largest Buy to Let mortgage providers has found that 34% of professional landlords have increased their rents for the 3rd quarter consecutively.Which is a rise from the previous figure of 29% However, figures from smaller portfolio landlords have not seen much difference in rent levels with 75% expecting little or no significant change in their rent over the coming months.

Across the board the overall picture looks relatively even with 49% of all landlords surveyed expecting to see further increases over the next 12 months.

London still continues to lead, with some of the highest rents in the country, the average being £1025 per month. With the rest of the country seeing an average of £713 per month

Paragons CEO Nigel Terrington said "Tenant demand has been growing for a number of years, but in recent months it has accelerated considerably.This would explain the rise in prices and income within the rental market. Whilst there is a consistent demand for rental properties the landlords can name their quarterly price knowing that there will be suitors whatever the price. With tenant demand only looking to increase further in the coming months, landlords are likely to continue to experience increases in their rental income."

Bristol letting agent Kevin Cox of igloolets.com said “Currently tenant demand continues to outstrip demand from tenants, good quality property is letting within 24 hours, some agents are struggling to get enough property to fulfill demands”