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Buy to Let

Rents rise in North West England

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
29/05/2015

Almost half of all letting agencies in the North West of England, report rising rents.

Figures from the Association of Residential Letting Agents (ARLA) found three-in-ten letting agents across the UK reported rent increases during April.

In the North West this figure was as high as 46%.

This is despite supply and demand remaining stable during the month.

The Labour party had planned to cap rent rises and introduce other restrictions to the rental market. However, it was comprehensively beaten by the Conservatives in this month’s election and nine-in-ten agents reported they were happy with this result.

Some 79% of all letting agents believe rents will increase during the next five years.

However, more landlords are choosing to sell up. In London the average letting agency saw six properties sold, compared to three last month. A similar rise was recorded in Scotland.

David Cox, managing director of Association of Residential Letting Agents, said: “It is interesting that we have seen an increase in the amount of landlords selling their buy to let properties in the last month, which is likely to have been a result of political uncertainty.

“We know that Labour’s plans within the PRS were unpopular for many landlords and agents, so this increase in those selling their buy to let properties may have been a knee jerk reaction to the possibility of Labour’s proposals coming in to practice.

“Hopefully, now the country is under less political uncertainty, we will begin to see the market pick up again and with the policies on offer in both the rental sector and housing market we should see the overall market heading into the right direction.”


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