Follow the rising rental trends
Following my recent blog post on the return of surveyors and valuers to the property market, it’s interesting to see what impact this may have had on the rental market, from a statistical sense.
According to Rightmove, demand for properties in the private rented sector is up by 22% compared to last year. The data from the property website showed that since letting agents were permitted to reopen on 13 May, the demand for rental homes has increased at a quicker rate than the sales market. Lockdown break-ups, job losses and urgent relocations are thought to have contributed to this surge in demand throughout the rental sector.
An analysis of buy-to-let returns from mortgage lender Mojo has produced a league table with no London locations in the top 20 postcodes. Using information from HM Land Registry, Zoopla, OnTheMarket and property data portal PropertyData, the lender reports that the north of England dominates the league table.
In Liverpool, landlords were suggested to enjoy yields of up to 10 per cent, closely followed by Bradford, Sunderland and Middlesbrough. Even postcodes towards the lower end of the top 20, such as those in Aberdeen and Glasgow, were said to be returning yields of seven per cent. The continued high level of house prices in London meant lower yields were being experienced throughout the capital.
These statistics offer a limited overview of the current buy-to-let market, and we have to bear in mind that data can easily be manipulated and, at times, twisted to suit. This is a factor which highlights the importance of collating and analysing the right type of information to gain a better understanding of the potential impact of current trends and future repercussions.
What we do know is how robust the buy-to-let market is, and that we’re in one of the strongest places possible to navigate these tough times. So, why not speak to one of our consultants to discuss the best course of action for you during this uncertain period?