Property Investment In The North Picks Up Speed
Property investors in the north of England are enjoying some of the highest percentage returns in the UK for their investment, an analysis reveals.
The findings from Your Move highlights that the highest percentage returns in the country are here which is generating more interest from potential investors elsewhere.
The firm's national lettings director, Martyn Alderton, said: "This appetite is accompanied by rising demand for rental homes in the North which is attracting many families and young professionals. It also has good transport links and job prospects as the market in London continues to slow down gently, other regions are proving attractive and coming to the fore for investors."
The analysis also highlights that there is good news for investors in the south-west with rents increasing faster than other regions.
The study also reveals that the rental market in the East of England is still falling with rents dropping by 1.1% year-on-year.
Third most expensive region for renting
The average rent in the region is now £881 per month though it's still the third most expensive region for renting in the survey.
Rents in the south-east continue to grow and have risen by 1.4% year-to-year to reach an average of £897.
The average rent price in England and Wales in November was £864, that's 1% higher than it was a year before.
The largest monthly rent increases were seen in the West Midlands and Wales with London's average rent now standing at £1,263 per month, a slight fall of 0.9% over the previous month.
Landlords' association sees membership high
Meanwhile, the Residential Landlords' Association (RLA) says it has seen its membership reach an all-time high.
The not for profit association says 35,000 buy to let landlords have now signed up.
Alan Ward, the RLA's chairman, said: "It's a massive achievement for the RLA and it's a testament to the commitment and hard work of its team.
"In three years, we've seen our ranks being swelled by 15,000 landlords who are turning to us for help navigating the challenging landscape of the private rental sector."
He added that the RLA is also growing increasingly influential in Westminster and its work has been quoted 49 times in Parliament over the past year.
The organisation says it took more than 66,000 calls from landlords to its helpline and its live chat service, and they have helped to train more than 4,000 landlords over the past year as well.