Landlords with rental properties in the UK have reason to celebrate after it was announced that buy to let rents rose by 1.7% in 2014, according to official data.
The figures have been provided by the Office of National Statistics (ONS) and reveal that rents rose by 1.8%, on average in England, and in Scotland they increased by 2%.
However, landlords with properties in Wales saw rents increased by just 0.2%.
The biggest rent rises are in London
The biggest rents recorded were in London where they increased by 2.4% followed by the second biggest rise of 2.1% in the south-east.
The official figures reveal that rents rose in all of the regions in England.
The ONS has also revealed that it is planning on publishing a new official index at some point this year to replace the various commercial indices that are put together by estate agents, insurance firms as well as mortgage lenders.
Many industry experts believe that some of these indices are unreliable because they have restricted sample data.
Landlords enjoy fewer void periods
In another report, landlords have enjoyed lower void periods in 2014 and they are now down to 2.6 weeks, on average.
In a quarterly survey published by Paragon Mortgages, a specialist buy to let lender, they revealed that voids have not been longer than 3.5 weeks in 13 years.
Indeed, from their survey, the firm says that voids have averaged between 2.6 weeks and three weeks since 2001.
Paragon's managing director, John Heron, said: “It's encouraging that voids in the fourth quarter of last year were reduced to the lowest recorded since 2012.”
He added that growing demand for private rental property along with effective management from letting agents and landlords have helped improve the level and length of void periods being recorded.
Mr Heron also said that as tenant demand rises he predicts further decreases in voids this year.
Scots can't find rental homes
Meanwhile, the Scottish Association of Landlords (SAL) has reported that increasing numbers of tenants in Scotland cannot find suitable rental properties.
They say that in the last five years around 43% of Scots have had trouble finding somewhere to live.
The survey was carried out by SAL along with the Council of Letting Agents and they are now calling on the Scottish Government to encourage more private landlords into the sector and encourage new construction.
SAL's Chief Executive, John Blackwood, said: “In Scotland, the private rental market sometimes has a poor reputation but our poll shows people trying to access the market are not able to find suitable accommodation.
“It's important that measures are taken to encourage investment in Scotland's private rental sector by giving letting agents and landlords the confidence they need to invest.”
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