Driven by an ongoing imbalance of supply and demand, rents in the UK letting market have reached a new record high.
The average rent in Britain is now £1,088 a month, up 10.8 per cent from £982 last year.
London is excluded from this average, where a typical monthly rent is £2,193, a staggering increase of 14.3 per cent since last year. This comes as tenant demand is up six per cent while the number of rental properties is 50 per cent lower than a year ago.
The Biggest Annual Jump
Rightmove also reported “the biggest annual jump of any region since records began”, with the average asking rent jumping to £2,193 a month which is a £274 increase from a year ago.
This is making buying buy-to-let properties in London an extremely attractive proposal.
Following a turbulent pandemic period, the UK rental market is back on track and the analysis of rental market shows that the average UK tenant is now paying £12,936 per year for a rental property and London is more than double that figure.
Ocasa predicts that it could increase by a further 10% over the next 12 months.
If you’re thinking about investing in property for the rental market or you are a landlord wanting to add to your portfolio, purchasing property in London is a popular investment.
What to do before buying a buy-to-let property
London Building Surveyors specialise in carrying out building surveys for buy-to-let landlords in London.
We can provide huge savings in repair costs as we can easily identify any defects that may not be obvious to home buyers, saving you a lot of money in the long run.
Such hidden defects can include wet or dry rot, structural damage, roofing problems, and much more.
According to RICS, 17% of new homeowners who didn’t get a survey ended up paying more than £12,000 in repair costs. If a survey had been carried out then either the Vendor would have had to make these repairs or the priced may have been renegotiated.
Contact London Building Surveyors
If you are planning on purchasing a buy-to-let in London, a professional survey is always the answer.
Contact London Building Surveyors on 020 8257 5766 or go to the contact form here if you have any further questions and would like to discuss a professional building survey.