Our latest insight into the Rental Market has just been released in Let Alliance’s February 2021 update.
Again, it is good news for landlords with rents increasing across most of the country with the average rent now at £840pcm excluding London. This is a whopping 6.2% increase on last year.
Looking more specifically at the North-West we are now seeing average rents at £782pcm, a 0.9% increase on last month and a 3.6% increase year-on-year. This is fuelled by the increased demand on the private rented sector due to to changes in government policy that have lead to the number of private landlords reducing and the remaining landlords having to increase rents due to increased costs.
The average annual rental cost is now £11,808 and for the 4.44m households that rent in the UK – this is a huge £52billion of rental payments per year. With all the current uncertainty surrounding jobs and income, it may put some landlords off due to the risk of arrears but we have employed a number of techniques to keep arrears at a minimum such as Let Alliance’s rent guarantee scheme which sees rent payments covered in the event of non-payment for eligible tenancies. Get in touch for more information on this scheme.
To check out the full report, please click below. For more information or to chat to us about letting your property – give us a call on 01524 843322