Friday News #0111 – Average UK Rents Almost Touching £1k a Month

With both house prices and rents rising across the UK, investors who sit on their hands are likely to find they’ve missed out on several thousands of pounds worth of capital appreciation in a few months time. 

As little as 6 months delay in securing an investment property can make a difference to overall profit. Don’t just take our word for it though, the data available and shared across the media confirms the steady upward trajectory of prices across the UK and that it is set to continue, with the strong foundations in place for price growth.

Here’s what we’ve seen in the news.

The UK’s Property Hotspots in the North-West: Wallasey saw the biggest increase in asking prices of any place in the UK in the year to April 2021, in a top ten list dominated by locations in the North West. Average asking prices for homes in the town in Merseyside rose by 15.6 per cent annually, or nearly £24,000, reaching £176,707 and one in three properties sold within a week, according to research by property portal Rightmove. Read more.

Average UK Rents Almost Touching £1k a Month: The average UK rent jumped 4 per cent in the last year, according to statistics just released by Homelet, and now stands at £997 per month. The company also found that every region apart from London saw an increase in recent prices year on year. Within the capital, rents dropped by 0.9 per cent. Meanwhile, the average price across the country is up by 6.4 per cent year on year, now reaching an average of £864 per month. Read more.

House prices rise £3,000 in one month: The property market defied predictions of a slowdown as house prices increased more than £3,000 in a single month. Annual house price inflation soared to its strongest level in nearly seven years, according to lender Halifax. The average price hit £261,743 in May, an annual change of 9.5pc and 1.3pc monthly change. Read more.

Stamp duty holiday set to save homebuyers £3.4bn with 76% paying nothing: “Even with the reduction of the stamp duty free threshold from July onwards, nearly half of all transactions will continue to pay no stamp duty at all” Despite market delays, over half a million homebuyers in England are set to benefit from the stamp duty holiday to the tune of £3.4bn, according to new research by GetAgent. Read more.

Over 300 products introduced since May as lenders compete on rates: Mortgage product choice has continued to improve and rate competition has stepped up, especially in the higher loan-to-value (LTV) categories, as house prices and property demand continue to grow. Read more. 

Where To Invest In Birmingham –  Up And Coming Areas: In our latest article we explore the areas of Birmingham that are set to see strong capital growth over the coming years and the reasons why investors should be including these locations when searching for a buy-to-let property. Read more.