Landlords have raised their rents for the sixth consecutive month as demand has increased and supply is squeezed a recent survey has found.
The poll, carried out by LSL Property Services reveals that rents increased by 0.5% in July alone and are now 2.3% higher than a year ago. The average monthly rent now stands at £676 according to the survey, although this varies greatly from region to region.
Commenting on the results LSL Property Services Estate Agency MD, David Newnes said: “Rents are still heading upwards towards their peak level two years ago, and yields are at their highest this year. The current market presents a golden opportunity for property investment before house prices resume their long-term upwards march. The underlying fundamentals that underpin sound property investment – demand and rental income – look set to remain strong. With a sensible investment model, a landlord can expect to see healthy returns, with any future capital appreciation a bonus.”
