The average advertised rent price increased by 4.5% on an annual basis during the third quarter (Q3) of the year, according to Rightmove.
The property portal reveals that the average advertised rent is now £762 per month across the UK, excluding London.
The average rent in Greater London is much higher, at £2,014 a month.
Rightmove’s research also found that for the highest landlord returns, head to Essex. It names Halstead in Essex as the top hotspot, with landlords earning a total return on investment (ROI) of over 26.3%.
Behind Halstead sit:
- Borehamwood, Hertfordshire – 26.1%
- Brentwood, Essex – 25.9%
- Cottingham, Yorkshire – 25.7%
- Purfleet, Essex – 25.1%
- Stevenage, Hertfordshire – 23.8%
- Bushey, Hertfordshire – 23.7%
- Henley-on-Thames, Oxfordshire – 23.4%
- Chatteris, Cambridgeshire – 23.2%
- Grays, Essex – 22.9%
Head of Lettings at Rightmove, Sam Mitchell, believes that rents could rise even further if landlords leave the market due to the clampdown on buy-to-let mortgage tax relief.
He comments: “It remains to be seen how much of an impact the new policy will have, but in the right areas and with proper advice and management, property remains an attractive investment.”1
1 http://www.propertyindustryeye.com/asking-price-rents-rise-and-the-only-way-is-essex/