The latest rental data from Landbay has shown that Leicester had the largest increase in rental value in England over the past year. Our hometown city has seen a larger increase than other cities such as Manchester, Birmingham and even London. The news is, of course, welcomed by homeowners and landlords in the city.
In fact, the East Midlands, on the whole, showed dramatic growth over the course of the past year. The top grower was Leicester whose rental values were up on average 3.02 per cent from the same time last year, but the city was followed in second and third place by Nottingham, up 2.96 per cent and Northamptonshire up 2.44 per cent.
Compare these figures to 0.64 per cent: the average rent increase in England over the past year, you’ll realise just how well the East Midlands and Leicester, in particular, are performing. Leicester’s rental growth is at over four times than that of the national average.
The significant rental growth in Leicester presents a big opportunity for landlords and landlords-to-be. Demand for rental property in Leicester is so high that rental prices are being driven up and they show no sign of slowing down.
To show that this year’s increase is no fluke, over the past five years rent has risen by nine per cent in Leicester. The comparatively more affordable property, good transport links and employment levels mean that the trend of rising demand should continue for the foreseeable future in Leicester.
A staggering 17 out of the 33 London boroughs have seen rents fall in the past year. Overall, London saw a fall of 0.27 per cent. A surprising figure for the capital that is often associated with soaring prices. It’s is to be believed that rent prices are dropping due to demand from tenants falling. Perhaps a side effect of Brexit or maybe more Londoners are opting to commute into work from cheaper surroundings or relocate altogether to other areas of the country.
If you want to get into the buy to let market but don’t have time to manage the property, Andrew Granger & Co is a letting agent that can take over the management of the property whilst you get on with your other business and jobs.
To find out how our experts can help manage your rental property in Leicestershire, get in touch using the numbers below:
Leicester: 0116 242 9929
Market Harborough: 01858 439080
Loughborough: 01509 235534