The month of March saw a boost to tenants’ income – particularly within the North West where income has seen a 12% increase and the average salary now sitting at £22k per annum.
When it comes to regions across the UK, The East Midlands, Greater London, North East & South West also recorded increases whilst the South East saw a decrease of 0.5%.
Does that mean that rents for tenants are rising?
Yes, it has been noticed that rents are rising across the UK. Indeed, the same research confirms that the average cost of a rental property in England now sits at £885 per month – a rise of £13 since the month of February.
However, the average void period across England has remained at 21 days and registered no change in spite of the above.
Here at X1 Lettings, we focus on balancing rental increases to ensure that landlords income is maximised but also ensure tenant desirability and affordability is not compromised.