Date Published 28 April 2018
The latest report from an estate and lettings agency has found that demand for rental accommodation from new tenants in England and Wales surged by 23% in March and is 1.8% higher on the year.
Although demand has increased there is slightly bad news on the average monthly rent which dropped by 0.7% and currently stands at £1,326 per month across England and Wales.
The capital has seen a 16% increase in demand in March and by 11.2% on the year, which has increased rents by 0.4%.
As increasing number of tenants enter into the market, there has seen a 21.9% rise in landlords registering to buy on the month, however on the year the demand fell by 8%.
In March the number of London landlords looking to expand their portfolio was up by 18.4% on the month, but on the year there has been a massive drop of 23.6%.
The report also shows the number of buy-to-let sales on the month in London rose by 4.5% and across England and Wales increased by 3.5%. However on the year the capital's volume of buy-to-let sales had shrunk by 4.2% and fell by 12.2% in England and Wales.
Paul Smith, CEO of the firm, said: 'Despite a barrage of restrictions and additional costs as a result of government policy, many are recognising the value that can still be found in buy-to-let property, especially in comparison to the overvalued and faltering stock market.
'Although conditions are much tougher, demand from tenants is growing and if you are willing to look slightly further afield there are still yields of around 7% to be gained.'