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Good News if you own residential investment property
Good News if you own residential investment property
According to a report by the letting agency LSL Property Services, the rental market in the UK is continuing to rise.
Maidenhead,
Berkshire,
United Kingdom
(prbd.net)
03/09/2012
According to a report by the letting agency LSL Property Services, the rental market in the UK is continuing to rise.
The report shows that for the third month in a row, June rental figures rose by 0.9%, making the average rental figure £718 which is coming close to last autumn's record of £720.
Rents have risen by an average of 2.4% in every region of the UK except for the South West of England.
Gill Alton runs Alton Property Partners, offering a residential investment property service to help you build a portfolio for a secure financial future. She says:
"The rental market like any other is affected by the law of supply and demand, and the sheer demand for rental property continues to push up rents across the country.
"With the population growing and First Time Buyers being unable to get onto the property ladder the number of people who are renting is increasing. As the pressure increases on private rents it is likely we may also see a feed through to the rents paid by Councils for those who need housing support.
"Local Housing Allowance is calculated by looking at the private rental values within a Broad Market Area, for different size of houses i.e. 3 bedrooms, 2 Bedrooms etc. The LHA housing rent is then set at the value that represents the 30% percentile. This basically means that if you were to take private rent data from 100 houses in a Broad Market Area then those families on support would be provided with an allowance, which would enable them to be able to live in 30 of the 100 houses.
"This private rental market data is then reviewed monthly and LHA rents are adjusted accordingly.
"We really may become a nation of renters."
Notes to Editors
Gill Alton is the founder of Alton Property Partners, which provides a comprehensive and personal Property Portfolio Building Service for investors of residential investment property in the UK. To find out how property could be the answer to your pension worries, click here. Alton Property Partners manage the entire investment process, from sourcing property at a discounted value, co-ordinating the Mortgage, arranging the refurbishment, right through to ensuring it is ready for the rental market
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About
Gill Alton is the founder of Alton Property Partners, which provides a comprehensive and personal Property Portfolio Building Service for investors of residential investment property in the UK.
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