UK rental market 'booming'
A ten per cent rise in UK rental yields was recorded over the past year, marking the continued strength of rental property in attracting demand.
Figures compiled in the Assetz House Price Index revealed that high rental yields were spurring rapid buy-to-let mortgage purchase, opening up more and more property to rental.
While figures were strong across the country, London saw the biggest rise, with capital-based landlords experiencing an average increase of 19.3 per cent – giving the UK an unrivalled rental surge.
Stuart Law, chief executive of Assetz, said: "On balance, the UK buy-to-let market is just about the strongest in the world and investors can look back on a successful 2007 with surveys showing excellent returns across the board.
"While London obviously continues to lead the way, with rents up by almost 20 per cent on average for the year, this positivist is not restricted to the capital, with excellent figures in areas such as the north-west keeping overall annual figures high."
Reductions in new build supply by developers was also identified as a spur to further increases in demand for rented property in the coming year, as existing properties find more potential takers.
Published 8th January, 2008
© 2008 Estates IT Limited
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A ten per cent rise in UK rental yields was recorded over the past year, marking the continued strength of rental property in attracting demand.