New report highlights regional disparities in rental affordability
A recent survey has revealed intriguing insights into landlords’ plans across England and Wales. According to the findings, approximately 60% of landlords are considering expanding their portfolios within the next two years. Interestingly, terraced properties are the most sought after choice for investment, with 70% of the respondents expressing their intention to acquire this property type.
ROBUST EXPANSION PLANS
Despite the robust expansion plans, there is a preference for familiar territories among the landlords. The survey found that only 21% of those planning to invest in the next two years are considering buying in a new area.
The survey collated responses from over 2,000 landlords and was conducted to coincide with the release of the new interactive Annual Index Report. This report provides an extensive overview of rental details in England and Wales for 2022.
HIGHLIGHTS REGIONAL DISPARITIES
The 2022 report highlights regional disparities in rental affordability. Yorkshire and Humberside emerged as the most affordable region for renting property, with average monthly rents reaching £614 by the end of the year – a 5.5% increase from 2021. On the other hand, excluding London, the South East was deemed the least affordable region for renters, with average rents hitting £1,015 per month – a rise of 5.52% compared to the previous year.
PURCHASING INTENTIONS OF LANDLORDS
Rental costs in the capital also witnessed a significant surge, increasing by 11.52% in the same period, taking the average rent to £1,541 per month. The survey helps gain insight into the purchasing intentions of landlords across England and Wales. It’s interesting to note that most landlords who intend to increase their portfolios are considering doing so over the next two years.
CURRENT STATE OF RENTAL AFFORDABILITY
Financial pressures on landlords may mean they look further afield to buy property to suit their budgets and to find the best rental yields. These findings provide a comprehensive snapshot of landlords’ intentions and the current state of rental affordability across different regions. With landlords keen on expanding their portfolios, watching how these trends develop in the coming years will be interesting.
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