Did you know: private rental prices in the UK have grown by 12.3% in the last 7 years? New data, analysed by LandlordBuyers.com, shows the upward trend in rental prices.
Rental prices saw uplifts across the entire UK. Over the last 12 months,
- In England, private rental prices increased by 2%
- In Scotland, private rental prices increased by 2.6%
- In Wales, private rental prices increased by 2.6%
Jason Harris-Cohen is the Managing Director of Landlord Buyers, who specialises in buying tenanted and portfolio properties fast. He believes:
“It comes as no coincidence that the additional 3% stamp duty land tax on the purchase of second homes, including buy-to-lets, was announced in 2015. This prompted landlords to question their future investment activity and the first asset disposal flurry was seen.
There is a pattern of landlords exiting the buy-to-let market around these two flashpoints and the maths is simple – the fewer properties there are to rent, the more costly the remaining rentals become.
Then we have the issue of property values. The price of the average UK house increased 10% in the year to November 2021, according to Land Registry data, and this has tempted more disgruntled landlords to cash in while the market is at its peak. Their exit has further compounded faltering rental stock levels in the face of rising renter demand, and rents have been pushed up further as a result.”
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