Landlords have reason to celebrate this month, as tenant arrears drop and rental prices go up for the ninth consecutive month. In October, UK rents rose by 0.4% to £691 per month. Annual inflation in the average UK rent has grown by 4.5%, which means that if this rental growth continues at the same pace, the average rent will hit £722 pcm by this time next year.
The average yield remained stable at 4.9% in October, as steady rent rises were matched by modest growth in the prices of rental properties.
Rental prices have gradually been increasing on a monthly basis, and the average rental property now stands just a few pounds shy of £700 pcm. With the run up to Christmas we are likely to see a slight slowing in the increase, but a strong underlying growth will remain, as key market dynamics are geared towards further rises in the rental market.
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