Private rent paid by tenants went up 1.5% across Britain in the 12 months leading up to October 2017. In England and Wales, prices went up by 1.5%, while Scotland saw an increaseof 0.4%.
The figures also show an increase in house prices, with a 5.4% rise in the year leading up to September. The North West leading the way as values shot up 7.3%.
The average house price in the UK rose to £226,000 in September 2017, up £11,000 on September 2016.
The rise in house prices has therefore left a lot of people who would otherwise purchase a property, renting long-term. The increase in the North of England means that those looking to invest in property to rent out, should look towards areas like Greater Manchester.
Lisa Howard-Kilner, Director at Fraser St James commented "In 2018 tenant fees will be banned and a lot of landlords will see rises in their agent fees. As well as looking North for more long term tenants, you can save money with Fraser St James as we are freezing our agent fees."
Let out your house with Fraser St James before 15th January 2018 and get 3 months of property management for free. Contact us for more information.