Average rents rise by 2.1% in August

With Covid-19 restrictions now being eased, landlords around the country saw rents rise by an average of 2.1% in August.

According to the data from HomeLet, rents have risen by 1.5% compared with August last year.

Rents in London are still on a downward trend, with the average rent now standing at £1,653 in the capital - that's a year-on-year fall of 2.1%.

The average UK rent, with London rents excluded, now stands at £825.

The data covers 12 regions, with two of those seeing rent rises of greater than 5%.

Landlords were shouldering the burden to support tenants

The firm's chief executive, Martin Totty, said: "Throughout the Covid-19 pandemic, private landlords must have felt they were shouldering the burden to support tenants who had been financially impacted.

"This situation has been further exacerbated by changes to government policy when landlords have shown they are flexible to help their tenants to bridge their contractual rent obligations."

He added: "It is encouraging that the rents for new tenancies agreed in August, and in every area outside of the capital, are up on the same month in 2019. In most regions, they are ahead of where they were one month previously."

He explained that landlords in London may now be experiencing a correction in supply versus demand with the sharp reversal in price growth from pre-Covid figures of 4% rent increase to -2% now.

Mr Totty said: "That's a significant swing and average monthly rents elsewhere are edging up on a monthly basis and on a long-term trend."

How landlords can add value to their BTL property

Meanwhile, a survey has revealed which DIY projects a landlord should undertake to add value to their rental property.

The findings come from CIA Landlord to find which are the most valuable and popular DIY projects that should be undertaken.

The number one spot for the most valuable DIY feature is a home office. That's because 27% of Brits want one in a future home.

With so many people were now working from home, it should come as no surprise that having a home office will be a valuable addition.

Landlords interested in boosting their rent price

For landlords interested in boosting their rent price, adding a home office will cost them £1,715 to create, and they need a good wifi signal too.

Other valuable undertakings include fitting new carpets, curtains and lights.

The worst and least valuable DIY projects to undertake are painted floorboards and installing cabinets and sinks.