Rents Rise in Manchester – Buy to Let Property Investing
Buy to Let News in Manchester – Rents Rise in Greater Manchester
Buy to Let Mortgage Advice in Manchester
Manchester saw the second highest rise in the country –
Just behind Westminster in London
Average rental prices for private properties in Greater Manchester have soared by more than 20 per cent, according to a new study.
The region saw the second highest rise in the country after Westminster in London.
Analysis of data from the Valuation Office Agency shows average prices in Greater Manchester increased by 22.4 per cent over the last 12 months.
There was a 28.4 per cent price jump in Westminster, which had the highest rise in the UK. Newcastle came third in the list of rental price increase areas.
The figures for Greater Manchester are set against the Three Rivers area of Hertfordshire, which saw a 19 per cent drop in average prices last year – the largest decrease in the country.
But there’s still a significant north-south divide, according to the study.
Analysis by Direct Line for Business Landlord Insurance showed the average annual cost of a private rental property in Kensington and Chelsea comes in at £37,560 compared to £8,448 in Manchester and £5,736 in Liverpool.
Average private rents increased in 87 per cent of England’s counties, with just 13 per cent seeing a decrease.
The company said increases in some areas could be due to demand for rental properties for new tenants, a new tenants in student areas or new-build properties.
Jane Guaschi, business manager at Direct Line for Business, said: “The research highlights that rental incomes are anything but static or predictable across England. Too often people forget the risks landlords take when renting out a property.
“The income they can generate is not guaranteed to stay the same each year, let alone rise. Where landlords are able to secure rent increases, they will often reinvest this money in the property making improvements. In the future, they may need to use the income generated by any rent increases to offset the impact of government changes that will see higher-rate relief on mortgages dramatically reduced.”
The study shows London boroughs top the league table for most expensive private rents in England, with the majority of cheaper private rental properties located in the north, where average house prices are also significantly lower.
Of the top 20 most expensive areas to rent private housing, only two are outside London.
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