There have been reported worries about the future of the rental market in the UK thanks to increased tax commitments and political uncertainty over the last few months. However, even as some landlords remain slightly worried about the coming months, the private rented sector is once again showing that it has the strength to continue growing.
According to the latest Your Move data for March this year, there was a slowing of rental increases month on month, with the average tenant paying just 0.2 per cent more than they had in February for their rental properties.
However, while this was only a slight growth in the market for March, it did continue an upward trend in rental prices in the longer term nationwide. According to the data, the average price paid for rental property in the UK now stands at some £800 per calendar month, which is 4.6 per cent higher than it was at the end of March 2016.
The best place for rental growth across the sector has been the East of England, where rental prices have climbed by some 7.3 per cent in the past 12 months to hit an average of £883, making it the most expensive place outside of London.
Wales was the next most lucrative place for landlords in March, with prices having climbed by some 4.8 per cent month on month and by more than seven per cent when compared to March 2016.
In the capital, prices are now sitting at a little over £1,200 per calendar month on average. And while this still makes it the most expensive place in the UK to be a tenant, the fact that more people have been looking to find places outside the capital means that there has been a seven per cent reduction in the space of a year.