22 Nov

Buy to let properties see rise in rental costs

Buy to let properties see rise in rental costs

There has been a rise in rental costs for buy to let properties, a report has found.

According to the Rent Index, landlords with buy to let properties will be happy to hear that over the last three months rental prices rose by 1.63 per cent.

The average price of £600 a month also indicates a growth of 4.37 per cent over the last half-year and an overall increase of 1.48 per cent compared with the same time a year ago.

These results were calculated from 6,183 tenancies on an average of 90-day rents.

Coupled with figures reported by Zoopla.co.uk last week, which revealed that rents have increased so much for buy to let properties that they are higher than monthly mortgage payments in 80 per cent of the country's towns and cities, landlords are set to be enjoying higher rental incomes.

However, with large deposits putting a number of first-time buyers off purchasing houses for sale in the UK, landlords are likely to continue to benefit from the rise in rents until mortgage restrictions are eased. ADNFCR-1222-ID-800248748-ADNFCR

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