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Largest rental price increases for 3 bed properties…

September 30th 2015
By: Melanie Hollidge

Three bedroom properties experienced the largest growth in rents – with a 4.6% year on year growth in August, compared to 3.3% for all other sizes of rental property. These latest rental figures have been released by Landbay Rental who track trends in the rental market from county to London borough level, according to the amount of bedrooms.
 
This growth in rental prices associated with three bedroom properties has been mainly within commutable distance to the capital. Windsor, Maidenhead have seen growth of 22% to £1,936, Southend of Sea up by 20% to £1,121 and Swindon up by 13% to £813.00.
 
The data also revealed that rents across the UK have increased by 3.3% in the past year, with the average rent now standing at £1,121, much higher than inflation, however they are still increasing at a rate lower than in February, when they grew by 4.9%.
 
The report also focuses on average rents across the UK and it shows that between May and July 2015 actually fell, but picked up again in August, with the first monthly rise since March.
 
John Goodhall, CEO at Landbay stated: ‘At the national level, rents performed very strongly in 2014 after a dip in 2013. This year has seen rents continue to grow, but at a slower rate.  The macro trends at the national level aren’t uniform when you drill into the local level and look at different types of property, which is why we want to establish a rental index that gives landlords, tenants and others interested in the private rented sector access to a more granular level of insight.
 
For investors in the private rental sector, our data makes family homes in the south east look like an attractive proposition. As well as performing well now, rents for three bedroom homes saw the smallest falls when rents dipped in 2013.  The challenge for investors looking to benefit is finding suitable properties for professionals at a cost that produces a good yield,’ he added.
 
If you would like to find out more about buying a buy to let property, or are looking to rent a property why not pop into your local office of Goodfellows or give our team a call on 0845 372 7070.
 
Source: Property Wire