For the third consecutive quarter, there has been a rise in the rental income for private property in the UK.
Paragon, the specialist buy to let lender, has reported that one-third of landlords experienced increases in rent levels, 5% more than quarter 2. With only 4% of the landlords surveyed experiencing a decrease in rental income, more than 10% said that their rent levels increased between 2% and 4%, while 13% increased their rents further still.
Three-quarters of smaller-scale landlords experienced little change, while 39% of professional landlords reported an increase. For all landlords, the overall increase on average was 1%.
Without making their properties unaffordable, one-third of landlords are nevertheless benefitting from an apparent increase in tenant demand, which has seen an upsurge in recent months. Some predict that demand will only increase further in the months to come, with landlords hopeful that more profitability will follow.
UK Property Rental Increases for a Third Quarter - Property Wire