The rental market is to be largely unaffected by the increase in house purchasers in 2014. The help to buy scheme is helping to provide movement at the bottom of the market, but the rental market should remain strong.
Latest industry data showed an annual increase of 8% across the UK to a monthly average of £763. This is teamed with the 13% increase in new tenancies. For once though London is not setting the highest figures with an increase in rents of 3% to £1417 and new tenancies up 11%.
William Taylor of Martin & Co Huddersfield (Huddersfield Letting Agent, Huddersfield Estate Agent & Huddersfield Property Management) provided the following comment “Huddersfield will always have a strong rental market, the salaries of the younger employees in the town mean that saving even a 5% deposit is difficult. There will always be a need for rental homes, but we are seeing varying degrees of our tenants with a number now being retired, full families or groups of friends looking to live together.”
Author: Will Taylor