The UK property market is hot right now, unless you hadn’t noticed, no more so than across the rental market where demand is vastly outstripping supply, causing large rises in rental prices, but where are UK rents rising fastest? For buy-to-let and UK property investors this, of course, spells good news as yields are pushed up, increasing incomes whilst the underlying asset also increases in value by roughly 10% per year on average.
With the global markets on somewhat uneven ground thanks to inflation, cost of living, the fuel crisis and the situation in Ukraine, many have turned to UK property as a secure and growth orientated market for their money.
The end of the pandemic brought a huge rush for property, initially in rural spacial areas, but now for properties of all sizes. Increasingly, it should be noted, many are now also returning to city and town centres in search of busier living now that restrictions have been completely lifted.
There isn’t any real indication that this is set to slow down in the coming months or even years, and so that has given many investors the prompt to either begin investing in property, or to expand their portfolios for more exposure.
If you’re wondering where might be best to buy buy-to-let rental property right now, we’ve got your back.
The UK’s fastest growing rental property areas
It’s not an exact science in that we can pinpoint by postcode where the fastest rises are happening, but we can put together a range of reports and data from property websites, etc, which give us a pretty good idea of which areas to pay attention to.
According to the Office for National Statistics (ONS), there are some areas rising quicker than others. As reported by the Guardian, ‘The east Midlands had the biggest increase in average rental prices, with tenants paying 3.6% more than a year earlier, while London had the smallest, 0.1%, as demand for city flats dwindled during lockdown and people favoured working remotely outside the capital.’
Diving into data released by Zoopla, rents are also rising at record rates in Manchester, Sunderland and in cities in the South East.
There isn’t a single league table to refer to, but rents in the East Midlands and the North East appear, according to recent data, to be rising at the quickest rates across the UK.
That being said, the vast majority of areas around the UK and especially England could be considered excellent investment opportunities right now.
If you’re looking for an investment that can outpace inflation, can bring in a passive income and also provide security, then there really aren’t many better places to put your money right now than in the UK property market.
If it’s something you’ve been considering then why not get in touch with us today to talk through what you’re looking for and how we might be able to help you?
