Leicester Rental Market Is ‘Strong and Stable’

If you’re thinking about purchasing a buy-to-let property in Leicester, then the results of a new market index could offer just the incentive you need to allow the Keywest team to help you on the journey to becoming an East Midlands landlord.

New figures have revealed the strength of the Leicester rental market, despite recent uncertainty surrounding the general election, showing that it is actually in the top half of the list of the best-performing regions in the country.

The recent England and Wales Buy to Let Index revealed that rents rose in the East Midlands immediately before the general election, showing a 2.2 per cent rise compared to the year before.

In general, the Buy to Let Index found that most areas experienced rent rises in the election run-up with yields staying stable at 4.4 per cent. The average rent in England and Wales was £814 a month, an increase of 1.3 per cent compared to the month before and 2.8 per cent above the rents seen at the same time in 2016.

Seven regions included in the survey saw rents rise after the election was announced in April. Wales saw the biggest rent increase, year on year, with a 7.1 per cent rise, followed by the East, where prices went up by 4.1 per cent. Next in line were the South East and the North West, at 2.6 per cent and 2.5 per cent, followed by the East Midlands and Yorkshire and the Humber, where there was a rise of two per cent.

Rents also went up, month on month, in the English capital to hit a £1,276 average. This was the first time a monthly rise has been reported in London since last November. Despite the recent upturn, however, rental prices in the capital are still 1.5 per cent down on the rental values seen in May 2016, having been falling for several months.

Lettings specialist Valerie Bannister said that while the phrase ‘strong and stable’ was used as a catchphrase during the run-up to the election, it is actually the English and Welsh property markets which have demonstrated this in very real terms.

She said that 4.4 per cent yields were the same as those experienced in April, demonstrating a stabilisation of the rental market and marking good news for Leicester landlords – and you if you are looking to buy your first buy-to-let property or add to your portfolio of East Midlands rental homes.

To find out more about the buy-to-let property potential on offer in Leicester, speak to a member of the Keywest team today. Don’t forget to ask about our range of tailor-made property management services as well. Call us at our office at Hinckley Road 01162 544 555, or Queens Road 01162 544 543.