Your Move has reported in its latest Buy to Let Index that a shrinking supply of property appears to be pushing rent levels up with nine out of ten UK regions seeing rents increasing over the year to July 2017. The average monthly rent now stands at £874.
The only region that appears to have seen rents dip is the South West.
It is suggested that rent rises could be down to the introduction of a range of government policies directed at the lettings market. The effects of these policies, such as the 3% stamp duty levy and removal of mortgage relief for landlords, have restricted the supply of new lettings properties coming to market.
Richard Waind, Director of Your Move commented:
“We are now starting to see the real impact of the government’s Stamp Duty revision, plus the additional tax changes which have hit landlords hard. The outcome has been a decline in the number of rental properties on the market and this has had the effect of pushing up prices for tenants.”
“Tenants in London, in particular, face a different issue as rapidly rising travel costs are increasing the overall cost of living in the suburbs, despite rents generally being cheaper than central areas.”
The full Buy to let Index can be seen on the Your Move Media Centre.