Demand for rental property soars
Demand for rental accommodation has risen sharply, according to the latest report from haart.
Data from the letting agency shows that the number of tenants entering the market across England and Wales increased by 23 per cent in March, and is up by 1.8 per cent on the year.
Paul Smith, CEO of haart, said: “Despite a barrage of restrictions and additional costs as a result of government policy, many are recognising the value that can still be found in buy-to-let property, especially in comparison to the overvalued and faltering stock market.
“Although conditions are much tougher, demand from tenants is growing and if you are willing to look slightly further afield there are still yields of around 7 per cent to be gained.”
But despite a rise in demand, haart reports that average rents fell by 0.7 per cent to £1,326 across England and Wales.
Demand for property in London has risen by 16 per cent on the month, and by 11.2 per cent on the year, helping to push rents up by an average of 0.4 per cent.
With tenant demand growing, the number of landlords registering to buy has risen by 21.9 per cent on the month, although demand has fallen by 8 per cent on the year.
In London, the number of landlords looking to add to their portfolio increased by 18.4 per cent on the month, but is down 23.6 per cent on the year.
The data also reveals that the volume of buy-to-let sales have increased 4.5 per cent on the month in London and are up by 3.5 per cent across England and Wales.
This is down 4.2 per cent on the year in London and by 12.2 per cent on the year across England and Wales.