The survey of landlords found that 23% planned to grow their portfolios in the coming year and that almost two-thirds (61%) felt confident about the future of their business.
It added that the average tenant’s stay in a rented property is now over two-and-a-half years and 41% of landlords said that they had agreed higher rents with tenants in the last 12 months, compared to 7% who had been forced to lower prices.
The study found that an average two bed flat central London now earns £1,515 each month, this compares to £480 per month for the same property type in the North East.
Average rental price for a two-bed flat:
London (zones 1-2) £1,515
London (zones 3-6) £1,065
South East £695
East £665
South West £635
Wales £585
North West £560
West Midlands £545
Yorkshire £530
East Midlands £520
North East £480
Paul Winstanley, partner at Allsop, said: “The demand for rented housing and the constraints on the wider housing market mean that rented housing is likely to retain the same income dynamics for the medium to long-term. The rented sector is growing at such a rate that landlords will share in a secure and attractive return.”
Mark Long, director at BDRC Continental, said: “The Rent Check report will track movements in the private rented market every six months, analysing changes in actual rental rates by property type and region.
“We believe it is the final piece of the jigsaw, providing essential insight into this important part of the housing market, rather than relying on the marketing material and advertised rental rates that have been available until now.”
