There has been an annual increase of 12.3% in the average uk rental price. This has brought the average monthly rental price up by £115 per calendar month to £1,051. Therefore if you are a landlord, now could be the time for a rent review, free of charge. There is a shortage of rental properties across the UK currently. According to Zoopla, there is a decrease of 46% in stock levels compared to the five year average. This will continue to increase the prices of rental properties across the board, as demand is still strong. With this and the rise in the cost of living, tenants are being forced to look at smaller homes. "The shift to smaller homes is being re-enforced by rising energy costs, with the gas needed to heat a purpose-built flat 40% lower than that for a 3-bed house" (Zoopla, 2022). However, there seems to be no signs of the market slowing. If you have a two bedroom flat and would like to turn it into a rental property, now could be the time for price advice. If this is something you are looking for, call us today on 01233 501601 or via email at ashford@evolutionproperties.co.uk.
Source: Zoopla, September 2022
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