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A recent report by the Landbay rental Index has shown that rents for three bed properties are rising at a quicker rate than any other property type, increasing by 4.6% annually.
Compare this figure to the average figure for all UK properties for the same period which is 3.3%.
These are annual figures and the report suggest that while rents continue to climb year after year, the actual rate of growth has slowed from a high of 4.9% in February this year, with August back to a record growth rate.
Admittedly these are national figures and the commuter areas around London are what have had the greatest impact on the rate rise with areas such as Windsor, Maidenhead, Swindon and other towns within close proximity of the capital seeing record average rental growth of over 10%.
However, these are national figures which have an affect outside of London and the South East and certainly something that we at Belvoir! Sheffield have seen across Sheffield.
Many property experts have linked the increase in three bedroom house rents to the changing dynamic of the average tenant. The jobs market is booming and families are moving around and relocating to areas led by jobs and earning power. Renting when moving to a new area is an easy way to get into an area and see if you like it first before even considering buying, or waiting to see if the new job works out before buying and ‘settling in an area.
This is a growing trend that will see rents for such properties grow and grow. Sheffield is a vibrant and dynamic city that is home to many large national and multi national companies, hence if this analysis of the trend is correct Sheffield will certainly benefit from this economic affect.
Whether you are an established or new landlord in the Sheffield area get in touch with Belvoir! Sheffield and see how much we can help you as a landlord, our range of Landlord services is wide and comprehensive.
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