Rents increase at fastest rate on record!
Rental Prices Roundup- in the past 12 months average asking rents have increased by some 12.5% in the North West. Here's a quick roundup.
The property market is booming... whether your selling or letting a property prices have increased on both fronts. So will this continue as we move through 2022? Here's a roundup of the market and predictions for the upcoming year.
- Average asking rents have increased 12.5% in the Northwest since this time last year.
- The rapid growth in rents has been driven by high tenant demand and low numbers of rental properties available. In fact rising rents are outpacing house price increase in most areas of the UK.
- The North West has seen one of the biggest increases, only second to Wales.
- The average rental yield across the UK is now 5.5%, the highest since 2016.
- Competition between tenants for available properties is nearly double (94%) compared to this time last year.
- The number of available properties is 51% lower than this time last year.
So what will happen to rents in 2022?
Rightmove predicts that asking rents will continue to rise through 2022 by 5% as the imbalance of supply and demand continues. Here at Lesley Hooks we have a significant database of registered and vetted tenants looking for properties but struggling due to the lack of properties on the rental market.
So is now the time to think about becoming a landlord?
To download our free landlords guide including prices and packages click here.
Get in touch with one of the team today on 0151 644 6000 or email rachael@lesleyhooks.co.uk
*Data provided from Rightmove*