Rental Price Hike | Rental prices rise in April
New figures for the average rental price in April have shown that costs are rising, offering welcome news if you have property to let. Though property experts said that the first three months of the year saw some falls in the average let price, April averages climbed to £709, showing that there was still a strong demand from potential tenants.
Though London rental prices have seen some staggering rises this year, for the most part because landlords are getting set to bring in profit over the summer Olympic season, national averages have dropped slightly. However, in April, seven regions noted rental climbs, with the East of England noting the highest gain of 1.3%.
Talking of the latest price changes, property expert David Newnes said: “After absorbing the impact of the stamp-duty deadline on tenant demand, the rental market began to heat up in April. As fewer tenants rushed to leave the sector, competition for rental accommodation intensified, and rents rose correspondingly.”
If you are currently renting your property with Charlton Grace in Basingstoke, you could consider increasing rental rates to gain more income. With London rates climbing significantly and forcing many people out of the capital, there is the opportunity for Basingstoke landlords to capitalise on people who are looking for new homes. With London only a short train journey away, capital commuters could be lured with cheaper rents than London, but lucrative prices for locals.
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