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Rent rises on the up

Posted by Mike Carey on 11th May 2016
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Following April’s tax rises for buy-to-let landlords, rents have continued to rise steadily across Britain, new figures have revealed, but not as substantially as previous forecasts predicted. According to insurer HomeLet, rents on new tenancies signed on rental property outside London during the three months to April were on average 5.1 per cent higher than a year ago, up from 4.9 per cent in March. It means the average rent across the country – excluding London – now stands at £764 a month. This follows the 3 per cent increase in stamp duty on buy-to-let properties, and a reduction in the tax relief that landlords can claim. The study also found that the North West of England was the only region where rents were lower than a year earlier, falling by 1 per cent to £659 a month on average.