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Wednesday, January 21, 2015

Rents rise by 3% in 2014

The letting agency chain LSLPS has released it's December BTL Index . The agency groups which includes the Reeds Rains and Your Move brands reports the following key findings.

  •  2014 saw a 3.0% average rise in rents.
  •  December  saw rents drop 0.1% across England and Wales
  •  East of England, Yorkshire & Humber, East Midlands and London remain at a high.
  •  8.9% of rent in arrears, the highest since previous Christmas peak. 
  •  Cooling property prices caused a fall in total annual returns to 11.1%.
  • The average residential rent across England and Wales is £767. 

Adrian Gill, Director of estate agent Your Move, reflects : 

“There appears to be a new fire in the rental market as we enter 2015. Demand for homes to let is hotter than we would normally expect at this time of year."

“Recent months have shown a divergence from usual seasonal norms. Historically, there is a tendency for rents to ease in the winter, particularly December. With fewer tenants willing to relocate in the festive period, landlords usually compete to fill empty properties and agreed rents tend to dip as a result. Last month that happened – and rents fell compared to November – but by much less than the usual extent."

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