LETTINGS NEWS: Local rents rose in 2016…but may rise still more in 2017
Rents in the south west region have risen 2.1 per cent in the past year – but may rise 4.0 per cent in 2017 according to the country’s largest property portal, Rightmove.
The portal tracks rental movements in over 300,000 properties across the country, including over 20,000 in the south west.
It says a surge in buy to let properties being let during 2016 – after landlords rushed to purchase properties ahead of last spring’s stamp duty increase – did not lead to any noticeable cut in rents, because of a similar rise in demand by tenants.
Now Rightmove forecasts that demand for rental properties will increase still further this year, leading it to suggest rent increases higher than in 2016.
As always, specific rental performance depends on location, the size of the property being let and its condition – East of Exe can offer advice on all these issues to existing landlords or anyone considering purchasing their first buy to let.