Users of Advanced Rent's guaranteed rent products may be intrigued to learn that while the period since the UK's vote to leave the European Union on 23rd June has brought political uncertainty and a considerable depreciation in the pound, UK rents are seemingly unaffected.
According to a newly released buy-to-let index, average London rents reached an all-time high of £1,391 per month in August, while values are climbing at an even faster rate in the South East, where the average rent hit £975.
Continued steady rental growth
If the British electorate's decision to split from the EU was speculated to be bad news for the English and Welsh property and rental markets, that doesn't seem to have been borne out so far, with rents across these regions having increased by 4.8% month-on-month, and 8.7% since August 2015, bringing the average rent to £887.
It has been suggested that there is probably a seasonal influence underlying such growth, with the student sector traditionally on the up during the summer months, a trend that is especially noticeable in London, the South East and the North East.
Another region that has seen a big increase in rental values is the North East, where average rents reached £583 during August. The region has increasingly caught the attention of investors due to the low cost of housing and the large return that they can expect to gain on their initial investment.
Indeed, the figures reveal that the North East was also the region generating the highest yields, of 5.6% on average in August, up from the 5.5% seen in July. While house prices in the North East tend to be lower than the national average, relatively high rental values help to ensure that landlords in the region enjoy a healthy income.
Take advantage of the latest rise in rent values
With the rents that landlords can charge continuing to climb and our guaranteed rent products helping to take even more of the uncertainty out of your life as a landlord, now may be a great time to invest in the expansion of your property portfolio to make the most of continuing high demand.
If you are interested in learning more about the products that we offer to make investment in and ownership of buy-to-let property easier, simply contact our friendly and professional team now.