Rents holding firm

The average rent was £845 in October, up 2.45% year-on-year, according to the latest Your Move buy-to-let index. Your Move found that the typical yield in every surveyed region was flat between September and October, at 4.6%.

Research also revealed that properties in every region in October generated a slightly smaller return than a year ago. Considering all the tax changes landlords will take a small amount of comfort in these findings.

Across England and Wales, rents have grown by 2.45% in the last year although some areas, such as the East of England, have performed above that level. In the year to October 2017, the East of England saw rents rise faster than every other region surveyed.

Rents increased 3.6% in the period, and the average rent is now £887 per month.

As winter takes a grip, the heat has been taken out of the rental market and price growth has slowed, this is normal for the time of year. While prices in most areas have continued to rise, it has been at a slower pace than in recent years.

Landlords have been hit very hard of late as profitability becomes more difficult, these figures will give them a certain amount of encouragement.

October has seen a significant increase in mortgages available to landlords and surprisingly only the minority have increased interest rates. Many landlords are taking advantage of these beneficial rates by re-mortgaging. The most popular deal for landlords at present is the longer term fixed deals offering more security.

If you are a landlord and would like to secure a new or re-mortgage, please do make contact and one of our fully qualified advisers will be happy to assist.