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Rental hotspots are what every buy to let property investor looks for, and the latest Landbay Rental Index reveals some to look at.
The average rent for a property in the UK grew by 0.96 per cent in the year to March. This was slowed by rents in London (0.57 per cent) which continued to weigh down on otherwise resilient rental growth in the rest of the UK (1.16 per cent).
Rental hotspots over the last 12 months include Edinburgh City at 5.97 per cent, Nottingham at 4.28 per cent, and Blaenau Gwent at 3.76 per cent.
The rental hotspots are spread throughout the UK; of the top ten ‘rental risers’, two counties are in Scotland, three in Wales, two in the East Midlands region and three in the rest of England.
Across the higher-level country data, Scotland has the highest overall annual rental growth at 1.99 per cent while Northern Ireland is growing at just 0.63 per cent.
Scotland was very much a tale of two cities, while rental hotspots like Edinburgh led the way with rental growth of 5.97 per cent, Aberdeen City and Aberdeenshire are at the bottom of the annual growth league table, with negative growth of -5.59 per cent and -4.31 per cent respectively.
The average rent paid for a property in the UK now stands at £1,217, or £772 if you exclude London. The lowest average rent is found in Northern Ireland (£576), where rents have shown very modest long-term growth. In England, average rent is £1,248.
The second highest region (after London) is the South East at £1,064, while lowest average rent stands at £553 in the North East – this region has seen cumulative growth of just 2.08 per cent since January 2012.
John Goodall, CEO and co-founder of Landbay, said: ‘Despite political and economic turmoil, the British property market has remained resilient. Rents are growing at a steady pace, and that growth is not restricted to specific regions or rental brackets.
‘Meanwhile, house prices in England fell for the first time in seven years in the first three months of 2019. This combination is good news for first-time buyers and landlords alike. This period of uncertainty may in fact be the best time for individual certainty, do your research and see whether it’s time to take the first step onto the property ladder (or expand your portfolio).’