That’s according to the latest Rental Index published by HomeLet. Interestingly, when London is taken out of the equation, rents still climbed by 2.1 per cent between July and August and are actually up by 2.9 per cent from last August.
Average monthly rents are £985 when London is included, and £825 when the capital city is excluded.
Two of the 12 regions monitored for the HomeLet index posted annual rent increases of more than five per cent.
Martin Totty, chief executive of HomeLet, said that this is welcome news for private landlords, many of whom “must feel that they alone are shouldering much of the burden to support those tenants who have been financially impacted [by the Covid-19 pandemic]”.
Buy-to-let (BTL) landlords could find themselves encountering challenging times in the coming months given that the government has extended the eviction ban on tenants in rental properties in England and Wales into September.
Mary Rouse, a property litigation lawyer, recently told Property Reporter that the government needs to allow landlords to evict tenants for non-Covid-related reasons, such as antisocial behaviour, domestic abuse and rent arrears accrued before the pandemic, or risk many BTL landlords exiting the market.
“We need legislation that treats both landlords and tenants fairly and, at the moment, this is simply not the case,” she asserted.
If you need a letting agent in Retford to help market your BTL property, get in touch with us today.