There was a further rise in rents and a reduction in void lengths during February 2024, according to the latest Rental Index from Goodlord.
According to the data, the average rental cost of a property in February 2024 remains 7% higher than at the same time in 2023.
Average rents rose by 1% during February, taking the average cost per property to £1,162 per calendar month (pcm) in England, up from £1,154pcm in January.
Rents have steadily been increasing following the traditional Christmas dip, despite rent rises between January and February being far from the norm; rents have dipped in February during four out of the last six years, according to Index figures.
With the news of further rent increases there is also news of mortgage rate reductions, with more mortgage products available to landlords.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Landlords concerned about interest rates may be pleased to find that both the average two- and five-year fixed buy-to-let rates have dropped to their lowest points since September 2022. These rates sat at a record-high just six months ago, so this is positive news for borrowers who have been patiently waiting for fixed rates to come down”.
“A notable area of volatility in the market has surrounded product choice; the overall count has dropped month-on-month, but availability is up by around 250 deals compared to six months ago. The ebb and flow of deals makes it essential for prospective borrowers to seek advice to navigate the options available to them. Deeper analysis of product choice shows five-year fixed offers have waned month-on-month, but two-year fixed offers are resilient. It will be interesting to see how lenders adjust their ranges in the weeks to come. There are more two and five-year fixed mortgages now than there were six months ago”.
