As the demand for rental property continues to outstrip supply, the cost of being a tenant has increased for the second consecutive month according to Belvoir Sheffield, the leading lettings agent in Sheffield.
New figures released by LSL, the lettings agents’ network indicate that the average rent being charged by landlord in England and Wales has risen by 0.4 per-cent, taking average rental yields to £687.
Rick, from Belvoir who specialise in providing flats to rent in Sheffield, said: “This latest increase has placed rents at their highest level since November 2010, when they peaked ahead of the festive season.
“Although there is an increased demand for high quality rental properties, the problems in the mortgage market are still preventing many landlords from expanding their property portfolios to meet the rise in tenants, leading to a mismatch between supply and demand.
According to LSL, the east of England saw the strongest rent hikes at 2.2 per-cent, followed by the South East at 1.7 per-cent, while rents in London have soared by 7.3 per-cent during the past year.
Critics have warned that if rents continue to rise at their current pace, it would cost an average of £715 to rent a home in a year’s time, while the amount charged in London could break through the £1,000 barrier.
Rick, whose letting agency on Campo Lane in Sheffield, specialises in property to rent in Sheffield, added: “This is a fantastic time for landlords who can secure a buy-to-let mortgage as rental yields are increasing and void periods have dramatically decreased, making it an extremely buoyant time for landlords who are already in the buy-to-let sector.”
Belvoir Lettings Agencyin Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find,Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances
